Samantha Suckno says knew she wanted to start to build a life with her soon-to-be husband in a home they owned. So she and her fiance, Jason Ortiz, came up with a plan: move into a rental property together, pay down their bills and start saving. The couple also cut back on traveling.
“The money I was using to pay for my own rent was basically going into paying off credit card debt,” the 31-year-old said, noting that when she was on her own she “had been living paycheck to paycheck.” Suckno and Ortiz, 37, were married in February 2018. In July, they bought their first home together in Rockaway, New Jersey.
Their decision to make the leap into homeownership may be part of a growing trend. A new study by Chase Home Lending found 52% of millennial first-time homebuyers feel financially ready to buy a home. And 70% said they are willing to cut back on extra-curricular activities, like shopping, movie-going and a spa visit, once a month to make it happen. The bank surveyed 1,000 first-time U.S. homebuyers, ages 22 to 38, in March.