A survey recently conducted by real estate firm Clever found 80% of would-be millennial home buyers are in debt, with nearly half (46%) $10,000 or more in debt and 1 in 5 (19%) $50,000 or more.
The firm’s Millennial Home Buyer Report: 2023 Edition also shows that 92% of millennials feel the current inflation level is impacting their home-buying plans.
However, debt remains a looming barrier to homeownership among millennials. In fact, more than 1 in 3 millennials (37%) worry about qualifying for a mortgage.
In an effort to achieve their goal of homeownership, 45% of millennials are cutting back on non-essential spending, and 38% are working a second job or side hustle to earn an additional source of income, the survey shows.
The survey also reveals that 1 in 8 millennials (13%) are so desperate for a home they’re not paying other bills or are going into debt to save for their down payment.
In addition, of millennials who already own a home, 82% have regrets about their purchase. The most common regret being that their interest rate is too high (22%).
Photo: Towfiqu Barbhuiya