Skip to main content

Study Finds Millennials Overwhelmed With Homebuying Process

Phil Hall
Jan 27, 2020
Photo credit: Getty Images/fizkes

Three out of four Millennials believe that being a first-time homebuyer is an overwhelming process, according to TD Bank's First-Time Homebuyer Pulse. But despite the emotional exhaustiveness, 68 percent of this demographic feel it's a good time to buy a home and 52 percent said they were actively searching home listings online.
 
The new study, which polled more than 850 Millennials between the ages of 23 to 38, found 52 percent have started saving for a down payment and 53 percent have reviewed their credit report, with 42 percent setting up a budget for their home purchase.
 
However, 22 percent of respondents blamed high prices in the neighborhoods where they want to live has prevented from purchasing a home to date and 36 percent complained that homes were overpriced. Furthermore, 17 percent of buyers said they have yet to buy a home because they enjoy renting in their current neighborhood, but can't afford to buy there, while only 30 percent said they have spoken with a mortgage lender about the process.
 
"It continues to amaze me how many buyers begin their home search without first speaking with a mortgage lender," said Rick Bechtel, head of U.S. residential lending at TD Bank. "A knowledgeable loan officer will work hand-in-hand with a buyer to help them understand mortgage and homeownership costs and establish a realistic budget. To put the cart before the horse is to pursue a significant life decision with possibly incomplete or inaccurate information."
Three out of four Millennials believe that being a first-time homebuyer is an overwhelming process

 
Fifth Third Bank Expands Down Payment Assistance Program

The program will provide up to $3,600 towards a down payment for families with low to moderate income.

Industry News
Jun 09, 2021
Filo Mortgage Launches Low-Rate Guarantee

National mortgage lender Filo Mortgage is offering to beat competitors' pricing by $1,000 with its Low-Rate Guarantee.

Industry News
Jun 08, 2021
FAU Index Shows Where Consumers Should Buy Or Rent

Consumers are better off renting in cities like Dallas, Texas

Industry News
Jun 07, 2021
Verus Title Inc. Expands Into Dallas-Fort Worth Texas

Verus plans to take advantage of the Dallas-Fort Worth market before expanding throughout the state.

Community
Jun 07, 2021
Freddie Mac Multifamily Extends Forbearance Deadline To September

Freddie Mac Multifamily extended the deadline for requesting a new COVID-19 forbearance agreement for its Multifamily loans to September 30, 2021.

Industry News
Jun 04, 2021
Fannie Mae Launches 'Your Own Story' To Educate Future Homebuyers

Fannie Mae is seeking to help demystify the homebuying process for future homeowners with “Your Own Story.” A new campaign to educate future homebuyers on the entire process.

Industry News
Jun 04, 2021