Friday Night Heroes Scoreboard

Tips for buying a home when it seems nearly impossible

OKLAHOMA CITY – New research shows buying a home when you are from the Millennial generation is nearly impossible for many people.

Home ownership has dropped dramatically for the age group.

In fact, only 36 percent of Americans who are under the age of 35 own a home, according to the Census Bureau.

Officials say that is down 6 percent from just six years ago.

The truth is that most Millennials say they would like to own their own home.

However, tighter lending standards, student loan debt, stagnating wages and high gas prices mean that home ownership for this age group is becoming more difficult.

In Oklahoma, the required down payment on a home ranges from 3.5 to 5 percent.

Experts say Millenials should be willing to pick a home outside their desired area, pay down other debt and save every penny they can.

Becky Ivins, a realtor from Movers Real Estate, stopped by the studios with some advice for future homeowners.