Skip to main content

Study Finds Millennials Still Have Much To Learn When It Comes To Homebuying

Jun 23, 2021
Millennial homebuyers made their presence felt with gusto in April, according to new data from Ellie Mae
Director of Events

A survey conducted by Lombardo Homes of more than 1,000 millennials revealed that there are still some challenges for millennials to overcome in order to secure a home.

KEY TAKEAWAYS
  • 83% of millennials are actively saving to purchase a home.
  • 51% of millennials are in credit card debt.
  • 39% of millennials are in student loan debt.

A study of 1,071 millennials was conducted by Lombardo Homes in order to gauge their attitudes towards homeownership and just how well they understand the process. The study found that a whopping 83% of millennials are actively saving up to purchase their first home, however, there are large hurdles in their way.

According to the survey, 83% of millennials are actively saving to purchase a home, 51% are in credit card debt, 39% are in student loan debt, 29% have auto loans and 17% of those surveyed have medical debt. The study found that an alarming 66% of those surveyed said they are waiting on lower mortgage rates to start the homebuying process, despite the fact that rates have been hovering among record lows. 

Additionally, Lombardo Homes reported that the millennials surveyed in the report do not see real estate as an attractive way to invest their money. 

“Twice as many millennials prefer the stock market for investing over real estate. In fact, more millennials even prefer cryptocurrency (24%) over real estate (22%), as far as investment opportunities go,” according to the survey.

“When asked about the upfront costs and long-term financial implications of homeownership, underestimation was the trend. Millennials underestimated how much home they can afford right now, underestimated how much interest they would pay over a 30-year mortgage, and underestimated how much home values appreciate over ten years, on average.”

Read more from Lombardo Homes' survey of millennials to learn what other aspects of the homebuying process they are struggling with.

About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
Jun 23, 2021
Fewer Canadians Hunt For U.S. Property

Largest component of international buyers in U.S. takes more than 25% hit

Jul 08, 2025
Housing Correction Gathers Momentum as Supply Surges, Affordability Pressures Persist

ICE Spotlights Emerging Risks, Market Realignment in Monthly Mortgage Landscape Look

Jul 08, 2025
Spike In Homeowners At Risk Of Selling At A Loss

Post-pandemic homebuyers are greatest risk of losing money in a sale, report finds, but results vary by location

Jul 07, 2025
Another Home Insurance Crisis Brewing?

Homeowners delaying major repair work — or doing the work themselves instead of hiring professional tradesmen

Jul 07, 2025
The Truth About 20% Down

Report examines home down payments and where they’re sourced

Jul 03, 2025
Loan Fraud Up a Staggering 407%

The same tech that’s advancing the mortgage industry is being used to create scams, drive fraud

Jul 02, 2025