Sixty-four percent of millennials, aged 25-40, have regrets after buying a home, according to a Bankrate survey.
Here are the how the results of the survey break down:
- 33% of baby boomers, aged 57-75, experienced homebuyer regret.
- 21% of millennials said maintenance costs were too much, compared to 13% of baby boomers.
- 13% of millennials said their mortgage payment was too high, compared to 2% of baby boomers.
- 12% of millennials said they are unhappy with the mortgage rate, compared to 4% of baby boomers.
- 9% of millennials said they don’t think their homes are a good investment, compared to 3% of baby boomers.
- 13% of millennials said they overpaid for their homes, compared to 3% of baby boomers.
- 14% of millennials said their house is too big, while 3% of baby boomers said the same thing.
- 14% of millennials said their house is too small, while 7% of baby boomers said the same thing.
- 15% of millennials said their house is in a bad location, compared to 5% of baby boomers who said the same thing.
"The best way to avoid overpaying is to have a home inspection done before purchase — these inspections can uncover electrical problems, heating and cooling problems, termite issues, radon problems, and a host of other hidden issues that might not be readily apparent to the untrained eye," Jeffrey Harris, a professor at the department of finance and real estate at American University is quoted in USA Today.
The poll, conducted April 21-23, surveyed 2,653 adults. The margin of error was not provided.
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