Young home buyers face big hurdles
by: Todd Clausen
Bryon and Shelby Triglianos are just starting out.
He’s a 27-year-old service adviser at a local car dealership, earning monthly commission checks. She’s a 23-year-old chiropractic assistant who became full-time after her probationary appointment.
The couple hopes to close on a house in Irondequoit sometime within the next month. They found a roughly 1,500-square-foot home off of Culver Road listing at just under $115,000.
“I talk about the house and I am smiling ear-to-ear because it’s more than I thought we would be looking at,” Shelby said. “The house is bigger than anything I would have ever expected. I am really happy with the neighborhood and the location. I am really excited.”
But it almost didn’t happen.
Genesee Regional Bank wouldn’t count Bryon’s commission as part of their income for pre-approval on a mortgage. It wouldn’t count Shelby’s salary until she completed her probationary period.
“Once we were basically set for a mortgage, it probably took us two or three weeks,” Bryon said. “It’s a seller’s market so we knew we had to move quick.”
While some members of the millennial generation, those now in their 20s and 30s, want to live in urban areas, many also want to follow the same dreams of home ownership shared by their parents and grandparents, said James Yockel, chief executive officer of the Greater Rochester Association of Realtors.
“Millennials are not all moving into the city centers like everybody thinks,” he said. “Millennials want the same thing that every other generation has wanted. Millennials want to own their own home. They want to have their little space in the world. They are just economically challenged at this point.”