Millennials have it rough – but it’s getting better

If you’re a millennial, or have millennials in your life (say, your children), then you’re probably well aware of the financial hardship that that generation has been facing.

There are many factors contributing to this – in particular the high entry barrier to owning real estate, and the skyrocketing cost of college tuition. Now, after the economic blow of a global pandemic, it’s tempting to conclude that things are bleaker than ever for today’s young adults.

But the COVID crisis has brought some silver lining to this whole mess in the form of historically low interest rates. And I mean historically – an argument could be made that they haven’t been this low since the Babylonian Empire (yup, they had interest rates back then!).

If nothing else, today’s average interest on mortgages is the lowest it’s been in over 40 years.

An argument could be made that interest rates haven't been this low since the Babylonian Empire.

As you can probably guess, one easy way for debt-ridden millennials to take advantage of this is by refinancing the loans they’re currently paying off – with student debt probably being the biggest contender.

And as many of this generation have struggled to break into homeownership, now may be the perfect time for some to finally make the jump from an apartment to a house. But as the economy gradually lifts itself out of the COVID slump, these choice interest rates may not last much longer.

So if you – or your kids, or grandkids – haven’t begun looking at the books to determine how best to snag this opportunity, don’t delay! Familiarize yourself with the options for student loan repayment, for example, or steps to prepare for homeownership.