Two-thirds of millennial owners regret the purchase of a home



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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Nearly half of the owners have the remorse of l & # 39, according to a new survey & nbsp;Bank rate. While 44% of all homeowners have regrets, this number increases to 63% for millennial owners. This is the highest proportion of all generations and almost double that of baby boomers – 35% of people aged 55 to 73 regret the purchase of a home. "Data-reactid =" 15 "> Nearly half of homeowners have buyer's remorse, according to a new Bankrate survey: 44% of homeowners regret, but this figure climbs to 63% for homeowners. the millennial generation, which represents the highest proportion of all generations and almost double that of baby boomers: 35% of 55-73 year olds have regretted buying a house.

But what is the source of their regret?

Homeowners consider the costs associated with owning a home as the main source of remorse for their home buyer. Nearly 20% of homeowners said the biggest problems were unplanned maintenance and other hidden costs. This figure climbs to 25% in the millennia.

"Buyer's remorse can easily be avoided with proper research and planning," said Deborah Kearns, an analyst at Bankrate. "All homeowners are facing repair and maintenance costs. Consumers should expect to reserve 1% of the purchase price of their home each year in order to keep it in a savings account to cover these expenses. Early budgeting avoids tapering into emergency or debt relief to cope with these extra expenses. "

This January 26, 2016 archive photo shows a "For Sale" sign hanging in front of an existing home in Atlanta. Short of savings and indebtedness, millennials find it difficult to afford their first home in the face of soaring prices in many of the most sought-after cities. (AP Photo / John Bazemore, File)

But the unexpected costs are not the only reasons for regret. Homeowners also say that a bad location, high mortgage payments, and the purchase of a poor-sized home can make them think differently about their purchase.

Despite these findings, the report shows that buying a home is always popular.

Some 79% of Americans still think that owning a home is the hallmark of the American dream. It's ahead of retirement, on a successful career and on owning a car.

Although the majority of Americans want to buy, more than half say they do not have enough income to buy a home. Nearly half – 41% – say they can not afford a down payment or closing costs. Other reasons include bad credit and excessive debt.

<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "For the millennial generation, the student debt crisis $ 1.5 trillion prevents nearly three-quarters of the Millennials from & nbsp;to take major stepslike getting married or having children. Nearly 35% of millennials have deferred buying a home because of the burden of student debt. "Data-reactid =" 34 "> For millennials, the $ 1.5 trillion student debt crisis prevents nearly three-quarters of millennials from achieving major goals of getting married or having children: nearly 35% of millennials postponed the purchase of a home because of the burden of student debt.

Kearns says you can not expect to buy a house overnight and you need to start putting money aside as soon as you can.

"You have to spend time saving," she says. "Not only do you have your down payment and closing costs, but you also have all the other expenses that are hidden."

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