The Majority of Millennial Homeowners Regret Their Purchase
May 19, 2021
After years of delay, the millennials have finally entered their prime homebuying years. Unfortunately, nearly two-thirds of millennial homeowners regret their purchase.
A recent survey from Bankrate found that 64% of millennials have at least one regret about their current home. Only 45% of generation X and 33% of baby boomers feel the same way.
Of those who have regrets, the most common cause (21%) is that maintenance and other costs are too high. According to a report from HomeAdvisor, the average homeowner spent $13,138 on household projects in 2020.
Other common causes for millennial regret were that the home was too small (14%) or too big (14%), in a bad location (15%), cost too much (13%), or carries too high a monthly mortgage payment (13%).