Most Millennial Homeowners Regret Their Purchase
May 21, 2019
While the rate of millennials who own homes is lagging behind previous generations, even those who do purchase a home often wish they hadn’t. Real estate website Clever recently conducted a survey of 1000 homeowners to compare how millennials and boomers view their purchase. While only 20 percent of boomers feel buyer’s remorse, 51 percent of millennials do.
The most common cause of regret was the monthly mortgage bill. Two-thirds of millennials put down less than 20 percent as a down payment, and as a result, have a higher monthly payment. They also expressed regret about the level of maintenance required, lack of desired features, and are dissatisfied with the size or location.
Millennial homeowners may also be more invested in their homes, as a much higher rate than boomer owners plan to renovate. 80 percent say they will likely renovate in the next five years.