More Millennials Make the ‘Big Move’ to Move
Tuesday Sep 11th, 2018Share
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.