While our younger generations, namely Millenials, may think that renting is a good idea, they also may not understand the benefits of owning property. According to the Newark Star-Ledger, younger generations are waiting longer to purchase their first home than their Generation X counterparts. There are a variety of reasons for this, but the uncertainty of the job market and the staggering student loan debt they carry are two main reasons why they choose renting over buying. The average Millenial will have over $20,000 in student loan debt and earn only $27,000 a year for their entry level job. This is down from $30,000 in 2007.
Do you need to rent?
Because of this, many Millenials are forced to rent. When renting, you do not receive any return on your money whatsoever. And rental prices are only increasing as demand grows. While the housing market has shown some growth, it is nowhere near pre-recession levels. Prices are still low, and this is a perfect time to buy a home, start a family and live the American Dream. If only, there was a way to make that down payment?
Limbo and Beyond
For some out there, structured settlement payments are earned due to a won lawsuit in an accident or injury case and are supposed to compensate for the plaintiff?s losses. However, often times they are not enough to make a significant change in one?s life, like making a down payment on a home. Therefore, those Millenials with structured settlement payments are in a state of limbo.
Buy or Sell?
This state of limbo usually means, ?Do I sell now, or hold onto my structured settlement?? This is the ultimate question when it comes to a structured settlement. A structured settlement will provide a person with a long-term income. It is meant to be long-term mainly because some people are unable to control their spending and need to agree to a structured settlement because they will not waste away all the money that should be used for medical expenses or other outside costs. However, there is an alternative.
There are ways to change this and begin a transition into adulthood. Enlisting the financial services of a structured settlement payments factoring company is one such way. Such a company will offer you a lump sum of money in return for your structured settlement payments, which could help you make that down payment on that first time home. Although the market is still bleak, there are ways out of it. Selling your structured settlement payments is one of them.
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