DECEMBER 5TH, 2018
A new survey by Bank of America found that Millennials still prioritize homeownership, despite many abstaining from jumping into the market. The survey showed that 72% of Millennials put homeownership near the top of their priority list. However, there are some other trends at play here, such as 57% saying having enough for a down payment was their main consideration. 57% of respondents said they plan on buying a home with a spouse, while 37% said they plan on buying on their own.
When it comes to renting vs buying, 51% of respondents believe renting would be just as or less expensive than buying a home. 44% of renters stated their main reason for not buying was a shortage of down payment funds.
The Millennial desire for homeownership is strong; however, the generation needs true guidance on how to save, how much to save, and the reasons why it’s worth saving for a home, such as growing equity, tax benefits, space and privacy, etc.