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Almost 70% Of Millennials Regret Buying Their House
Posted on 7/23/18 at 1:37 pm
Posted on 7/23/18 at 1:37 pm
quote:
Millennials aren’t exactly jumping for joy after purchasing their homes. About four in 10 millennials are already homeowners, according to a new survey of over 600 millennials (age 21-34) by Bank of the West. Yet it turns out that 68 percent of them are feeling buyer’s remorse — almost double the amount of Baby Boomers who say they have regrets. “Millennials are so eager to become homeowners that some may be inadvertently cutting off their nose to spite their face,” says Ryan Bailey, head of Bank of the West’s retail banking. Here are the biggest areas of remorse.
quote:
Roughly four in 10 millennials felt they made poor financial choices when it came to purchasing their home. Part of the problem seems to revolve around the down payment. The survey found one in three millennials dipped into their retirement accounts to pay for their homes — a trend Bailey calls “alarming.”
quote:
“Borrowing from your retirement may make sense in special circumstances, but it’s definitely not a recommendation,” Bailey tells CNBC Make It. To keep from getting squeezed, think about what you can afford as a monthly payment, and don't forget to include taxes and insurance in your calculations, Danielle Hale, chief economist for Realtor.com, tells CNBC Make It. Use filters on home search sites and price alerts to make sure you're not shopping for a home above your budget. "Don't fall in love with something that's already out of your price range," Hale says. Underestimating ongoing costs When you buy a home, the expenses don't stop once you move in. Millennials understand basic costs, such heating and electric bills, but Bailey recommends also considering how much time and money it could take to mow the lawn, clean the house or deal with leaky faucet. “When you’re a homeowner, you can’t call your landlord to fix things, so you want to make sure you have a little extra cash in the bank,” Hale says. It's a big transition going from renter to homeowner, so make sure to take some time to learn about the maintenance costs associated with potential homes.
CNBC
Posted on 7/23/18 at 1:38 pm to OweO
quote:
The survey found one in three millennials dipped into their retirement accounts to pay for their homes
Posted on 7/23/18 at 1:38 pm to OweO
Maybe they can get a law passed that makes it legal to sell a house after you’ve bought it.
Posted on 7/23/18 at 1:39 pm to OweO
quote:another made up stat about millennials.
Almost 70% Of Millennials Regret Buying Their House
Posted on 7/23/18 at 1:39 pm to OweO
Cause they probably think with the socialist movement, if they'd have waited they might get it free like everything else?
Posted on 7/23/18 at 1:42 pm to MSMHater
quote:the last stat said millenials do not have retirement accounts.
The survey found one in three millennials dipped into their retirement accounts to pay for their homes
Posted on 7/23/18 at 1:43 pm to CarRamrod
quote:
the last stat said millenials do not have retirement accounts.
well... not any more.
Posted on 7/23/18 at 1:43 pm to OweO
I’m an x-er and I regret buying my house too, but I would regret the alternatives even more.
Posted on 7/23/18 at 1:44 pm to OweO
Lol what? I love my house. Best decision I ever made outside of leaving Louisiana.
Posted on 7/23/18 at 1:44 pm to OweO
This isn't surprising. When I see these new neighborhoods pop up and contractors buy up the lots, build houses and sell them, they are built as cheap as code will allow them to build. The appliances in the home might last 2 or 3 years before something breaks, and when that happens, the cost of getting the appliance fixed is almost the same as it would be to buy a brand new appliance.
Then they find themselves having to pay for unexpected cost, to fix things in the house and that's when they realize the home they feel in love with when looking for new homes is just a pile of crap.
Then they find themselves having to pay for unexpected cost, to fix things in the house and that's when they realize the home they feel in love with when looking for new homes is just a pile of crap.
Posted on 7/23/18 at 1:44 pm to CarRamrod
What they’re regretting is mom & dad are no longer footing the bill
Posted on 7/23/18 at 1:46 pm to theronswanson
quote:
Lol what? I love my house. Best decision I ever made outside of leaving Louisiana.
I just posted the article. Yall can read it and take it however you want. Plus, it didn't say ALL millennials.
Posted on 7/23/18 at 1:46 pm to OweO
quote:
Yet it turns out that 68 percent of them are feeling buyer’s remorse — almost double the amount of Baby Boomers who say they have regrets.
Did they ask these two groups today? I can figure the boomers may have had a regret when they were in year 3-5 of the mortgage rather than year 20+, but know have a different opinion.
Not to say that I don't notice my generation being way too bullish on accumulating debt...
Posted on 7/23/18 at 1:48 pm to OweO
I thought most didn’t even have any sort retirement? These millennials need to make up their minds.
This post was edited on 7/23/18 at 1:48 pm
Posted on 7/23/18 at 1:48 pm to OweO
So a bank funded a study that came to the conclusion that millenials should invest more to recuperate from a bad home purchase? I'm sold that there is no bias with this study
This post was edited on 7/23/18 at 1:49 pm
Posted on 7/23/18 at 1:49 pm to OweO
quote:
The survey found one in three millennials dipped into their retirement accounts to pay for their homes
Who are these people? Doesn't sounds like me and my friends.
Posted on 7/23/18 at 1:51 pm to OweO
Millennial checking in. Regret ever buying my first house. That wrong, naive decision completely altered my life’s potential path.
Posted on 7/23/18 at 1:53 pm to OweO
quote:
The survey found one in three millennials dipped into their retirement accounts to pay for their homes
But I though millennials didn’t have retirement accounts or something? All these ridiculous stats are starting to contradict each other.
Posted on 7/23/18 at 1:53 pm to OweO
Many have zero business buying a house. They get grants from HUD etc. Or mommy and daddy put $$ down. Or they live at home rent free for years and aren't prepared to actually pay for housing.
The result?
Many people cannot truly afford their homes.
The result?
Many people cannot truly afford their homes.
Posted on 7/23/18 at 1:54 pm to OweO
Millennial here, not a homeowner.
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