A survey by Freedom Debt Relief found that more than a quarter of homeowners surveyed feel the cost of owning a home is a burden, with many saying they should have saved more money.
Freedom Debt Relief surveyed 1,028 homeowners that have at least $10,000 in unsecured debt. Of those surveyed, 26% said the cost of owning a home is a burden and they’d rather rent. However, 59% of homeowners still feel that owning a home is part of the American dream.
Among the regrets listed in the survey, 69% said they should have saved more the down payment, 52% reported their mortgage payment is too high, 41% were not aware of their mortgage options, and 60% said they are unable to afford needed upgrades to their house.
Millennial and Generation Z homeowners reportedly have more regrets than older homebuyers. The survey found that 58% of millennial homeowners say their mortgage payment is too high, compared to 52% for Generation X homeowners.
Nearly two-thirds, or 67%, of millennial homeowners said they did not have enough savings after closing and 47% were not aware of mortgage options.
Additionally, 12% of those surveyed have buyers remorse, 12% have missed a mortgage payment is the last decade, and just 28% felt financially secure after purchasing a home.
Respondents also said that emergency fixes (57%) and maintenance costs (51%) were the biggest hidden costs of homeownership. Fifty-four percent of millennial said they don’t know how much they spend on their house annually.
Despite the results of this recent survey, the impact millennial have on the market is being felt across the nation, as a change in philosophy of amenities, home sizes, and prices are just a few of the ways the Jacksonville Daily Record says millennials are changing the housing industry.
“We are seeing the size of new homes trend down,” said David Cobb, Regional Director with Metrostudy, which provides research, expertise, and analysis to support strategic business decisions at the local, regional and national market level of the residential construction real estate and housing market.
According to the report, Cobb presented information to the Northeast Florida Builders Association, and said that most homebuyers by 2030 will be millennials or younger.
Millennials (23-38 years of age) will be 34-49 years-old by 2030. The largest age group in 2030 will be 39-years old, and the youngest baby boomer will be 66-years old.