Ownership is a huge driving factor amongst Millennials and so owning a home is top priority. However, over two-thirds who have bought homes admit to buyer remorse.
“According to a study from Bank of The West, a startling 68% of Millennials who had purchased a home have serious regrets about how prepared they were for the home buying process and the home they wound up with. The bank included other demographic segments in the survey and each expressed fewer regrets over their latest home purchases than Millennials — 55% of Gen X and 35% of Baby Boomers had home-buying remorse.”
Roughly, one in five Millennials have the following top regrets:
- Home is costly to maintain
- Realize there is damage to the property after moving in
- The space doesn’t work well
- Should have put a larger down payment
“The issue is not the inability to plan,” explained one Millennial in a verbatim comment found in Prudential’s Millennial study. it is the inability to save. Houses are expensive, kids are expensive, and currently I don’t even have enough money to send one kid to just one semester of college. Saving money for retirement just isn’t a luxury anyone has.” – Ben T. Age 25.
"Results from a 2018 Prudential Millennial study suggest a slightly less optimistic outlook, saying that 53% of that generation do not think it’s likely they will do better economically than their parent’s generation."
Past and current economic difficulties have dented but not shattered the hopes of Millennials. Just over half (54%) of them believe that the home ownership dream is still within reach today, and an additional 3% of Millennials say they have already attained it — putting the combined statistic at close to six out of ten. So, there is still hope!
“Home Loans Get Hot as More Millennials Make the Move.” The Financial Brand, 19 Aug. 2018, thefinancialbrand.com/74453/millennial-home-loans-mortgage-lending/.
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