In just a few short months, the world has changed. We aren’t hugging our friends, we wear masks in public, some of us have lost our jobs, others have plunged into the realm of remote work- the list could go on. One thing is for certain: we are living in “unprecedented times.” Change is the only constant and it’s time we start rolling with the punches. While living in the midst of a global pandemic is certainly uncharted territory, there is something predictable. Nationwide- and even global- crises like this have a massive impact on the economy.
Before you panic, that isn’t necessarily bad news.
Since COVID-19 first reached a global scale, economists have been talking about the possibility of a recession. For millennials, this wouldn’t be our first rodeo. We have had several recessions since 2008. In fact, some would argue that South Africa has been in an ongoing recession since 2013.
There’s no denying that COVID-19 will have a lasting impact on consumer finances. One of the most common questions I’ve been asked in the past few months is, “How will the impending recession impact millennial homeownership?” It’s a well-known fact that significantly fewer millennials own homes than their baby boomer counterparts. In South Africa, only 330,000 millennials bought homes in 2019. That is less than .2% of South Africa’s millennial population. In addition, older millennials are far more likely to buy homes than younger millennials, as the average age to buy a home in South Africa has increased from 27 to 35.
Why is that? You might ask.
Affordability is the #1 reason why millennials are shying away from homeownership.
Millennials are much more concerned with their finances than previous generations. Despite stereotypes about being lazy and entitled, statistics have shown that millennials prioritise paying off debt, start saving earlier and save more money than previous generations.
As a real estate investor, I have already begun to see firsthand the effects that COVID-19 is having on millennial homeownership. Banks are dropping interest rates, home prices are decreasing and more millennials are becoming optimistic about the prospect of owning property.
Post-COVID-19, homeownership may become a realistic option for many South African millennials. Whether you want to buy your own home or purchase a rental property, one thing is for sure: building wealth is the key to getting started. Contrary to popular belief, you do not need to have money to make money. I have built a multi-million rand real estate investment business without putting any money down. In fact, I even wrote a free ebook all about it!
If you’re interested in learning more about how to build wealth, check out my blog. However, before you do, know this: real estate investment is the safest and most effective way to build wealth. To learn more about getting started in your real estate investment journey, contact me today!
If you’re ready to take the next step in your real estate investment journey, I would love to help. I have created a no-nonsense course that can help you go from beginner to profitable real estate investor in the next 90 days. Click HERE to find out more!
Interested in learning about how to invest in real estate with no money down? Grab your copy of my ebook How to Invest in Real Estate with No Money HERE! I am giving it away for FREE! In it, I reveal my proven strategy to building wealth through real estate investment without spending my own money. This strategy includes several of the income streams I created without paying any money down.
And don’t forget to Register for this Thursday’s Livestream, so you can get your Real Estate questions answered.
So- are you ready to start building wealth through real estate? If the answer is “yes,” then it’s time you followed these steps:
1. Register for my upcoming live stream
2. Download my ebook
3. Join our Program
4. Watch our previous Live Stream on the YouTube Channel.
5. Join our Facebook Community to plug into a mastermind of like-minded individuals.
6. Book a FREE Mentorship Call with me