95% of Millennials Report Facing Barriers to Homeownership, Survey Finds
(Image courtesy of Real Estate Witch/Clever Real Estate)
While 78% of millennials say purchasing a home is part of the American dream, 48% don’t think homeownership is affordable for the average member of their generational cohort.
Of the survey respondents, 95% of millennials say they face barriers to homeownership, with interest rates, home prices, saving for a down payment, competition, qualifying for a mortgage, a lack of affordable homes and too much credit card and/or student loan debt listed.
Ninety-six percent are concerned about purchasing a home, for a variety of reasons that include worries about repairs and having to settle for a home that’s not a good fit.
Those number among findings from a survey by a Clever Real Estate subsidiary called Real Estate Witch.
Although there have been some improvements, high interest rates remain a notable concern, with half of millennials surveyed saying they’re a barrier to ownership. Ninety-six percent say the rates have affected their home-buying plans, including saving more for their home or increasing their budgets.
And, interest rates aren’t the only worry, with 70% saying inflation has affected their plans.
The survey also delved into millennials’ finances, finding 47% of respondents said they plan to put down less than 20% on a down payment, and 25% have less than $10,000 in savings.
It also revealed findings on the desires of some millennials to own a home–with two-thirds saying they would be willing to purchase a fixer-upper, compared with 47% of baby boomers.
Remarkably, 74% would buy a home that smells like cigarette smoke; 67% would buy a home with asbestos, 62% would buy a home with mold, 62% would buy a home with termites and 60% would buy a home with a leaky roof, among other issues.