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Why Aren’t Millennials Buying Homes?

Homeownership has long been part of the American Dream. But for many young adults, specifically the millennial generation, putting down permanent roots is not as great a priority. A new study of 2,000 millennials conducted by Northshore Fireplace, revealed that the majority of people ages 22 to 37, don’t view home ownerships as a necessity. But of those young adults who have already put down a down payment, 15-percent say they regret buying their home altogether. The biggest regrets come with extended ownership, including fears about making mortgage payments, wishing they’d made more substantial down payments, and concerns about affording maintenance issues.

Aspiring millennial home buyers have a different set of thoughts on homeownership, in fact, 40-percent of millennials surveyed said they view homeownership as a financial burden, but still expect that their first home will be their “dream” home. Beyond lofty expectations of what their first home will be like, millennials have a more rational view of being able to afford what they want. Of those surveyed, 65-percent said they’ll likely have to relocate to find something they can afford, and 41-percent believe that they’ll have to move out of state. But the realities of homeownership are still likely far away for many.

According to the study, half of millennials have less than $2,000 saved for a down payment, and three in four say they cannot afford a home right now. The biggest hurdles between millennials and homeownership are largely financial: 76-percent responded saying some type of debt –car loans, student loans, credit cards—are preventing them from homeownership.

First-Time Millennial Home BuyersCourtesy of Northshorefireplace.com

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