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Most millennials regret their home purchase

Posted By Chada Trithavornyuenyong on March 03, 2019 in Buying

Most millennials regret their home purchase. 

CNBC’s “Make It” dissected a recent Bankrate survey showing that 63 percent of millennials had regrets about buying their current homes. Their biggest gripe, the survey shows, is that they underestimated the hidden costs of homeownership, including closing costs and home maintenance.

Perhaps young adults need to be more realistic about the type of property they buy, NAR Chief Economist Lawrence Yun suggests in the article. “Start with a starter home and later trade up, rather than going for a ‘dream home’ on the first try,” he told CNBC.

However, rising home prices have made many properties unaffordable to millennials, the article notes, and there is a shortage of starter homes on the market. “We need more affordable priced homes, and the shortage of these properties are forcing people to possibly over-stretch their budget,” Yun says.

CNBC

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