Skip to main content

Millennials Hit Obstacles in Search of Homeownership

May 14, 2018
A pair of new reports are offering distinctive views of the housing market’s horizon

A new survey conducted by The Harris Poll on behalf of Trulia found that 98 percent of Millennials planning to buy in the next year have run into obstacles that prevent them from making a purchase at this time.
 
Financial woes are most dominant problem facing would-be homeowners in this youthful demographic: rising home prices were cited by 40 percent of Millennials polled for the survey, while saving enough for a down payment came in second with a 31 percent response. Job instability and problems paying off student debt were cited by 17 percent and 15 percent of respondents.
 
The personal challenges in pursuing homeowners coupled with a shrinking housing inventory are forcing Millennials to acquiesce with compromises in their search. Eighty-four percent of Millennials said they willing to give up a home feature to live in their ideal neighborhood, while 89 percent said they were willing to give up a neighborhood feature for their ideal home.
 
“For Millennials, the dream of homeownership is alive and well, but with prices going up and inventory continuing to shrink, this new generation of buyers are facing more obstacles than any other demographic,” said Cheryl Young, Trulia’s Senior Economist. “With tight budgets and fewer choices on the market, most Millennials are forced to make trade-offs and are more willing than other generations to give up home and neighborhood features in order to find their ideal home. In markets where the economy and job growth are thriving, we may see some of these financial challenges start to dissipate as Millennials mature into their careers. If anything, Millennials can hold out hope that the encouraging housing starts we saw in 2017 can lead to some relief in the starter home segment.”

 
About the author
Published
May 14, 2018
Looking For Change Under Every Couch?

Don’t overlook the obvious – employees have ideas for cost savings, too

Jun 10, 2024
New American Funding Announces New Cash-Offer Program

Similar to Opendoor and Homeward, NAF Cash Maps offers buyers a bidding war advantage

Jun 05, 2024
CFPB Issues Public Inquiry On Junk Fees Affecting Closing Costs

Agency seeks to understand why closing costs are up, who is benefiting, and how costs can be lowered.

May 30, 2024
STRATMOR, Teraverde Deal A 'Merger Of Equals'

The recent merger of mortgage advisory firms came without the need to lay people off or make any major staffing changes.

May 23, 2024
NEXA Pays Loan Officers 100% Of Commission Splits

LOs won't pay per-file fees or other hidden fees with NEXA100, says NEXA Founder and CEO Mike Kortas.

May 22, 2024
The Right Prescription

‘Doctor Loans’ making healthy strides in Florida

May 21, 2024