According to a new survey of over 600 millennials, about four in 10 are already homeowners, but CNBC’s Megan Leohardt reports 68% of them are feeling buyer’s remorse. That’s double the number of baby boomers who say they have regrets. The three biggest areas of remorse, according to CNBC, are overspending on the down payment, underestimating ongoing costs, and settling for something that’s not quite right. Leohardt has the details on each.
Roughly four in 10 millennials felt they made poor financial choices when it came to purchasing their home. Part of the problem seems to revolve around the down payment. The survey found one in three millennials dipped into their retirement accounts to pay for their homes — a trend Bailey calls “alarming.”
Finding the right fit is as important as having the right budget when it comes to home ownership. The survey found that about half of millennials had regrets about the home itself.
One in five said they were frustrated by damages they found after moving in, while others said they discovered the house didn't end up working well for their family.Read More