Connect with us

National News

Most Millennials Regret Buying Houses

Yet another reason not to buy a house.

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.

Did you enjoy this article? Consider supporting College Media Network's mission to support the next generation of journalists. For as little as $2 a month, you can help keep our site ad-free and the future of journalism alive. Go here to donate.

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.

Sign up for the Morning Scoop

and wake up with us each day.

CMN Reports

Government1 day ago

West Virginia Just Impeached Its Entire Supreme Court

West Virginia recently decided to impeach their entire Supreme Court.

by , College of the Holy Cross
Business1 day ago

FDA Approves First Ever Generic EpiPen in the United States

Allergy sufferers may not have to face the steep bill for their medications anymore.

by , CMN Senior Correspondent
National News3 days ago

UK Parliament Crash: Man Arrested, At Least 3 Injured

A car crash in Westminster is being treated as a potential terrorist attack.

by , Cal Poly SLO
National News3 days ago

Italy bridge: Genoa Motorway Collapse, Reportedly 22 Fatalities

Officials have confirmed that at least 22 people have died and another eight are injured.

by , CMN Senior Correspondent
Awww4 days ago

‘Queen of Soul’ Aretha Franklin is Gravely Ill, According to Several Reports

Aretha Franklin is surrounded by friends and family in a Detroit hospital.

by , American University
Equality5 days ago

‘Unite the Right 2’ Plans Rally Outside the White House

One year after the race-fueled violence in Charlottesville, Va. -- white supremacists' are producing an encore.

by , American University
Government7 days ago

Space Force is Happening. No, Really.

Science fiction turns into reality with "Space Force."

by , College of the Holy Cross
Equality1 week ago

Brawl in Brooklyn Nail Salon Sparks Racial Tensions

A bad eyebrow waxing turns into a racial dispute.

by , Cal Poly SLO

Top Reads