While the amount of money spent by first-time home buyers may cause financial concerns, purchasing a piece of property isn’t exactly getting any cheaper.
With homes all over the country continuing their upward trajectory, many millennials are worried about whether or not they’ll ever be able to buy a place to call their own.
One company that’s looking to alleviate the financial burden that comes with home buying is Seattle-based Zillow Group. This week, it launched RealEstate.com, which is geared toward the young, budget-conscious home buyer, who makes up 56 percent of the first-time, house-purchasing market. Rather than looking at the full price of a property, RealEstate.com lets people search according to what the monthly payment will be.
Real estate agents looking to work with this new site will follow the same path currently in place on Zillow and Trulia.
Upon including their budget in a search on the site, Zillow puts together an “All-In Monthly Pricing” for each listed property. In addition to the basic mortgage, interest and taxes, the total amount also includes things like utilities and HOA fees, along with step-by-step instructions to help guide people through the home-buying process.