Home ownership – considered a rite of passage that signaled stability and prosperity. How do Millennials fare with achieving the American dream of owning a home? According to The Millennial Study, a survey conducted by Accel Qualtric, half of Millennials say they own homes, but 88% percent of those who want to buy a home can’t because of debt. Twenty-nine percent say that the economy is the top issue facing their generation. Accel Qualtrics surveyed over 6,000 millennials, Gen Xers and boomers to understand how they’re similar, how they’re different, and how they’re changing.
According to the Bank of America’s Homebuyers Insight Report, Millennials plan to own a home, and they intend on owning multiple homes throughout their lifetimes. The survey found that 68 percent of millennials say their current home is merely a stepping stone towards the home they want to end up in, compared with 36 percent of homeowners across all generations. Millennial homeowners see the value in buying early but realize it may mean putting their dream home on hold for now. Their experiences can motivate would-be buyers to purchase sooner. Many Millennials are actively buying homes and that they are pleased with their choice. Among Millennials who already own a home, 79 percent said their homes are having a positive impact on their long-term financial picture, with 86% percent responding that owning a home is more affordable than renting, reflecting the value the see of home ownership. BofA surveyed 4,906 adults, including 1,268 current homeowners and 435 prospective homeowners for the study.
Better Homes and Gardens conducted a survey of more than 3,200 prospective home buyers to share their thoughts on home improvement spending, the importance of personalization, and technology in home value. The survey shows that while 77% percent of Millennials feel that a home is still a good investment, 35% percent said a lack of down payment was the greatest obstacle to making the dream a reality. Forty percent of Millennial respondents want to make their home more energy efficient and want a home with personalization – they seek out creative ways to improve the look and feel of their home. Examples of personalization and home individualization include chalkboards, under stair storage, and adding bins and buckets to maximize shelving.