Connect with us

National News

Most Millennials Regret Buying Houses

Yet another reason not to buy a house.

Avatar

Published

on

Millennials, those between the ages of 21 and 34, are often dubbed the “renter generation,” as the sweet combination of low income and high student loans prevents them from buying homes as their parents did at that age. But according to CNBC, four in ten millennials have made the leap to purchase a house, eager to spite older generations who mock their choices.

Unfortunately, most of those millennials regret their decision — 68 percent, exactly — according to a study by Bank of the West. CNBC explains that there are several reasons this is the case:

1. Making a large down payment 

Of the millennials they surveyed, Bank of the West found that one in three who purchased a home dipped into their retirement funds to make their down payments. Along these lines, Realtor.com analyst Danielle Hale told CNBC that purchasing a home that is initially out of your price range is a poor decision to make, as appealing as it may sound in terms of home quality and size.

2. Underestimating costs after purchase

When purchasing a home, many millennials forget how high maintenance costs can be. Without a landlord to call to make repairs, home owners are completely financially responsible for fronting the money to keep their houses in good shape. Of course, they are aware of the normal costs–heating, electricity, etc.–but are underestimating surprise expenses.

3. Settling for a house they don’t like

On the flip side of #1, two-thirds of millennials reported that they ended up compromising on a feature of their homes, for lack of funds to find a house that fits their standards, or for lack of expertise in this area. A consequence of this is that many millennials end up dissatisfied with their choice, and later regret their purchase altogether, perhaps a waste of money.

Jumpstart a career doing something you are passionate about with one of College Media Network’s courses. Read about our current offerings, schedule and unique virtual learning environment here.

Carla is a recent graduate of Touro College in New York City, where she developed a keen ability to joke her way out of anything. She has previously worked for the Mayor's Office of New York, as well as ABC7 Eyewitness News. She is currently the Senior Editor at CMN, and can be reached at carla@collegemedianetwork.com.

CMN Reports

Government21 hours ago

Meet the Progressive Rugby Player and Veteran Taking on the Democratic Party Establishment in New York City

Queens veteran and rugby player taking on the Democratic Party establishment.

by , The Catholic American University
Election 20202 days ago

This Progressive Truck Driver is Challenging a Democratic Incumbent in Washington State

This young working class truck driver is taking on the Democratic Party establishment in Olympia, Washington.

by , The Catholic American University
Election 20202 weeks ago

The State of Maine Will Use Ranked-Choice Voting for Future Presidential Elections

The Pine Tree State progresses towards more electoral reform.

by , The Catholic American University
LGBT3 weeks ago

Former Catholic High School Principal in California Alleges Job Firing Because He is Gay

The fight continues for the LGBTQIA+ community in the classrooms of private education.

by , The Catholic American University
Education3 weeks ago

California Will Offer Tuition-Free Community College for In-State Residents

The Golden States moves towards affordable access for higher education.

by , The Catholic American University
Business1 month ago

CBS and Viacom Will Merge Once Again

Media and entertainment oligopoly is growing.

by , The Catholic American University
Equality1 month ago

Illinois Will Now Mandate LGBTQIA+ History Curriculum to be Taught in Public schools

The land of Lincoln is becoming more inclusive in its curriculum.

by , The Catholic American University
Doctor holds a newborn baby after a Caesarian. Doctor holds a newborn baby after a Caesarian.
Government1 month ago

U.S. Teen Birth Rate Starting to Decline Nationwide

As the country's birth rate stagnates or declines, so does teen birth rates.

by , The Catholic American University

Most Read From CMN Writers

[]
1 Step 1
keyboard_arrow_leftPrevious
Nextkeyboard_arrow_right

Copyright © College Media Network