One-third of home buyers that purchased within the last four years went over budget by an average $16,510, according to a survey of 1,214 Americans conducted by real estate brokerage Owners.com. Rising prices are most to blame, especially in the starter home market, USA Today reports.
The survey found that millennials are most likely to bust their budget. Forty percent of millennial respondents went over by $24,545, on average, compared with 34% of Gen Xers going over by an average $13,096, and 19% of Baby Boomers going over by an average $8,024. Daniel Maloney, national head of sales for Owners.com, saiys Millennials seeking starter homes feel the most inventory and price pressures. USA Today reports:
And, he says, young adults may feel more urgency to buy a house because they’re living with parents or renting. Members of the other age groups, many of whom already own homes, can simply stay in them until they find something close to their price range.Read More