How Millennials Are Buying Homes—Without Being Rich, Married, or 40
- Liana Pomeroy
- Jul 7
- 3 min read
Let’s bust a myth right off the bat:
You don’t need to be rich, coupled up, or pushing 40 to buy your first home.
A growing wave of millennial buyers are flipping the script on traditional homeownership—and they’re doing it with strategy.
They’re teaming up with friends. They’re renting out space. They’re buying smart and using creative financing to make it all work.
And it’s not just possible. It’s happening right now.
What Is House Hacking—And Why Does It Work?
House hacking means you use part of your home to generate income—helping offset the mortgage, reduce costs, and build equity while you live there.
It’s not about getting the dream home right away. It’s about making your home work for you.
Here’s how I’ve seen millennial clients do it:
Rent out extra bedrooms to friends or travel nurses
Buy a duplex, triplex, or 4-plex—live in one unit, rent the rest
Co-buy with friends and split both the mortgage and equity
Convert a garage or basement into an income-generating ADU
Live in the ADU and rent out the main house to cover most of the payment
Use your space creatively—rent a studio, office, or storage
This isn’t your parents’ idea of homeownership.
It’s flexible. Strategic. And built for the way we actually live now.
You Don’t Need 20% Down—or Perfect Credit
Forget what you’ve been told. You don’t need to wait until you have $50K in savings or a W-2 job.
Here are real ways my millennial clients are financing their first home:
FHA Loans (3.5% Down)
Buy a 2–4 unit property
Use projected rental income from the other units to help qualify
Only 3.5% down—even on a triplex
Freddie Mac + ADU Loans
Buy a home with a basement apartment or over-garage unit
Use rental income from the ADU to help qualify
Pair it with first-time buyer perks: lower rates, reduced mortgage insurance, and 3% down
Co-Signers or Co-Buying
Can’t qualify alone? Bring in a co-signer or co-buyer
Use both incomes to qualify
Set clear expectations with legal docs and share the benefits
Creative Down Payment Options
Gift funds from family
Borrow from your 401(k) (yes, it’s allowed)
Down payment assistance + grants (some programs require just $1K from you)
Special programs with reduced mortgage insurance or rates
Side hustle savings, tax refunds, relocation bonuses
Most people don’t know these programs exist—but they do. I use them every day to help clients get into their first property.
Real Estate = Options
Every mortgage payment you make builds equity. And that equity becomes leverage:
Buy your next home
Start a rental portfolio
Refinance and pull cash out
Make bold career or life moves—with less financial stress
You can’t build equity by renting.
But you can start small and scale smart.
Ready to Run Your Numbers?
If you’re a millennial buyer trying to navigate today’s market, you don’t need to follow the old playbook.
You need a strategy that fits your income, your goals, and your timeline.
That’s what I do.
I’m a mortgage expert and a real estate investor—and I specialize in helping people get creative and move forward with confidence.
📩 Email me at liana@pomeroylending.com
🔗 Apply online: www.pomeroylending.com
Let’s make a plan that actually works—for your real life.
—
Liana Pomeroy
Senior Mortgage Loan Advisor
Equal Housing Lender | Licensed in CO, FL, CA, TN & TX
All loans subject to approval. Conditions apply.
Comments