Study: Millennials Prioritize Homeownership Over Marriage – NMP
Industry News

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

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
Get the NMP Daily
Industry News
Better's Mortgage Volume Rises 15%, But Losses Persist

Better is targeting a bigger share of wholesale lending, with plans to expand into Non-QM and conventional mortgages

Better Home & Finance reported a 15% increase in third-quarter loan volume, fueled by growth in its technology platform business, but the lender continues to operate at a loss despite an aggressive cost-cutting campaign.The company's next move could be more consequential...

Continue reading
Tech
New Integration Aims to Cut Construction Loan Draw Delays

Sitewire and Nexys connect loan origination with budget reviews and inspections, aiming to speed draw approvals and improve oversight for private lenders

Private construction lenders may soon have one less handoff to manage after closing.Sitewire and Nexys have launched an integration that transfers construction loan information and borrower budgets directly from Nexys' loan operating system into Sitewire's draw management pl...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Better's Mortgage Volume Rises 15%, But Losses Persist

Better is targeting a bigger share of wholesale lending, with plans to expand into Non-QM and conventional mortgages

Industry News
Nov 10, 2026
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Industry News
Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Industry News
Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Industry News
Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Industry News
Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Industry News
Oct 09, 2026