Millennials are not as hard to figure out as articles make them out to be. They love their food and their coffee, but their spending on these things is just the same as previous generations. Perhaps where millennials differ dramatically is in their homeownership decisions. Here’s the bigger picture:

Millennials Are Not Earning Enough

They’re not a savings-savvy generation, but it’s not because they avoid saving. It’s because they don’t have enough to spend and save, and companies don’t offer retirement packages as lucratively as they used to. Millennials are left to fend for themselves, under the prying eyes of people who had a different setup during their prime. This is why the millennial generation is a generation of renters. Those who do buy homes might consider starter houses that they can equip with custom kitchen cabinets and other unique amenities. In Utah, homebuyers have better options because of the cost of living in the state. But if a millennial was somewhere else, they’ll be surprised at how little or how small of a house their money can buy. Wherever millennials live, however, they make the most of the home they can afford and even leave room for self-care corners.

What They Earn Goes into Debt Payment and Home Improvement

woman looking outside her apartment window

There’s a lot to consider before a millennial spends their paycheck. They might be earning a substantial amount, but with skyrocketing student debts, the amount they have left to pay is significantly less. This is why they turn to loan consolidation options or even payday loans, which, if not managed properly, might take an even bigger cut in their paycheck. However, it’s not all bad. Millennials would also take out loans for home improvement to increase the property’s value so they can make some profit out of it in the future. A house that is well-maintained and is upgraded to meet high standards of home buyers will be a hit. Then, their millennial owners can move to a bigger home for themselves.

Their Entrepreneurial Skills Tide Them Over

They might not be able to afford the biggest homes from the get-go, but they make do with what they can afford, improve upon it, and make some profit. They might not have a high-paying job, but they look for opportunities that will augment their income. It’s this entrepreneurial and innovative skill that’s allowing them to succeed despite the challenges given to their generation. The economy might be bad, but watch a millennial turn it into a business opportunity. Even their awareness of the power their generation holds is also essential. They know that when they travel, their opinion on the food (and coffee) in the locale might mean an explosion of business for the establishment. They know that their likes and comments can turn an unknown brand into an overnight sensation. And this is why you see plenty of millennials working as influencers–a job description that didn’t exist before.

It’s a tough economy for millennials who are not paid well, but with their skills and self-awareness, they’re able to make opportunities for themselves. If you go beyond their love for avocado toast and coffee, this is what you’ll see.