Study: Millennials Prioritize Homeownership Over Marriage

Oct 10, 2018

When it comes to love, today’s Millennials seem to have their heart in homeownership rather than marriage and family.

In the latest Bank of America Homebuyer Insights Report, 72 percent of Millennials polled for the survey said owning a home was their top priority. While this was a close second to being able to retire (80 percent), it was significantly greater than getting married (50 percent) and having children (44 percent).

Millennial respondents also identified homeownership with personal (53 percent) and financial (45 percent) success. Potential Millennial buyers believed that being able to purchase a home was associated with being mature (47 percent), acting like an adult (47 percent), and feeling independent (36 percent).

“Younger generations tell us that owning a home has become a milestone that defines their success, and it’s promising to see them aspiring to homeownership,” said D. Steve Boland, Head of Consumer Lending at Bank of America.

As for the Millennials who are still renting, 44 percent felt they don’t have enough money for a down payment, and 23 percent said they cannot afford the home they want. But misconceptions are still prevalent with this youthful demographic: 49 percent believed that 20 percent down is required to buy a home, 43 percent believed they must pay private mortgage insurance if they don’t put 20 percent down, and nearly one in four thought that they needed to have a “perfect” credit score to be considered for a mortgage.

“Interestingly, we see renters rethinking the long-term impact of renting versus owning. They say renting will be just as or less expensive, but at the same time acknowledge their rental costs will continue to go up over time,” said Boland.

About the author

Phil Hall

Link copied

Published

Oct 10, 2018

Industry News

DOJ Opens Criminal Investigation Into NY AG Letitia James Over Mortgage Fraud Claims

Investigation follows April referral by FHFA Director Bill Pulte; potential charges include wire, mail, and bank fraud

The U.S. Department of Justice (DOJ) has launched a formal criminal investigation into New York Attorney General Letitia James, according to multiple published news reports. The probe, which became public Thursday, May 8, follows an April referral from Federal Housing Fi...

Operations

Origination Volume Up, But Rocket Sees GAAP Net Loss Of $212M For Q1 2025

Company highlights strength of strategic acquisitions, integrations, product innovations as it furthers its mortgage ecosystem

In delivering its first-quarter 2025 earnings results, Rocket Companies — whose Rocket Mortgage unit is one of the nation’s top home loan lenders — pointed to the strength of its strategic acquisitions in its ongoing mortgage ecosystem-building, along with broker enhancement...