Millennials, between the ages of 23 and 38, report high levels of stress related to homeownership, buyer's remorse, and home renovations, according to The Mortgage Reports. Recent reports suggest millennials are stressed about homeownership twice as much as baby boomers and are more than two times as likely to feel buyers remorse. A big factor contributing to millennial stress is debt, according to The Mortgage Reports.
The average 18- to 34-year-old has around $36,000 in personal debt according to CNBC, most of it for student loans. They also have less money than their parents did at their age. And many have trouble affording their first home. It’s no wonder why millennials are stressed.
The biggest reasons why millennials suffer buyer’s remorse are:
- Mortgage payments that are too high (41%)
- The house requires too much maintenance (33%)
- The home lacks features needed (23%)
- Their property has depreciated in value since purchase (21%)
- Their house is too small (17%)
Millennials are also more inclined to buy a fixer-upper, commit to major renovation projects, and use their homeowner’s insurance than boomers. But home improvement costs aren’t the only thing this generation has sticker shock over. Four in 10 millennials were surprised by the cost to maintain their homes.
“Millennials appear to be more stressed due to their investment of money and time in buying and owning a home. When you buy a home, no one tells you about having to fix the leaky roof or having the air conditioning break in the middle of summer. It’s more responsibility than they were expecting,” Ben Mizes, CEO of Clever Real Estate, says.
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