Skip to main content

UWM Survey: Millennials Eager to Become Homebuyers

NationalMortgageProfessional.com
May 30, 2017
According to a 2017 online survey from Michigan State University and United Wholesale Mortgage (UWM), Millennials are eager to put down roots and enjoy the “freedom” that comes from homeownership

According to a 2017 online survey from Michigan State University and United Wholesale Mortgage (UWM), Millennials are eager to put down roots and enjoy the “freedom” that comes from According to a 2017 online survey from Michigan State University and United Wholesale Mortgage (UWM), Millennials are eager to put down roots and enjoy the “freedom” that comes from homeownership—with 95 percent of those surveyed saying they are actively homeownership—with 95 percent of those surveyed saying they are actively saving for a purchase, and 90 percent planning to buy within two years.
 
The survey—which included 412 people nationwide (210 homeowners and 202 potential homeowners) ages 25 to 34—found that a vast majority of would-be buyers are dissuaded from purchasing because they think they don’t have enough for a downpayment. Of those who took the survey, 70 percent said that saving for a downpayment is the biggest obstacle to achieving their goal of homeownership; and 67 percent believed they needed to save up the full 20-percent down.
 
According to the survey, 25 percent of homeowners have average household income under $50,000 per year, and 40 percent of homeowners had student debt when they closed on their home.
When it comes to saving for a downpayment, even small changes in spending habits—brown bagging lunch instead of buying out, or skipping Starbucks for a year—can bring would-be buyers over the finish line. What’s more, the ability to close on a home for less cash upfront can help borrowers pay for critical expenses associated with homeownership such as remodeling and renovations.
 
As one of the primary hallmarks of “adulthood,” homeowners are more likely than their counterparts to have completed major rites of passage, including obtaining credit cards, taking out an auto loan, having a 401(k) and purchasing a new car.
 
Other notable findings of the survey are:
 
► Ninety-one percent of respondents view homeownership as a financial investment, but not an easy one to make
► Sixty-seven percent worry about being approved for a mortgage
► Fifty-three percent are afraid they won’t be able to make payments on a mortgage
► Thirty-six percent of homeowners were not married when they bought their first home
► Forty-two percent of homeowners used gifted money towards a downpayment

 
Published
May 30, 2017
Fannie Mae Extends Multifamily Protections Indefinitely

Fannie Mae announced that its multifamily COVID-19 forbearance program has been extended indefinitely to support multifamily property owners and renters experiencing financial difficulties due to COVID-19.

Industry News
Sep 27, 2021
LoanDepot Lawsuit Alleges Wide-Scale Fraud

'One of the most egregious wide-scale fraud for profit schemes since the years leading up to the Great Recession.' 

Industry News
Sep 27, 2021
Federal Regulators Race To Address Cryptocurrency Risks

Cryptocurrency is quickly morphing into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks to consumers and the market. 

Industry News
Sep 24, 2021
MBA Initiative Seeks To Close Racial Homeownership Gap

Says its advocacy, partnerships & connections will help increase opportunities for minority borrowers

Industry News
Sep 24, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021