A new homebuyer survey of nearly 1,000 Americans shows that most buy their first home based on their budget, and their chief regret is the size of the home.
According to data from homeowner and housing professional network Porch.com, the arch regret of homebuying Boomers, Millennials, and Gen Xers was buying a home that was too small for their needs. Porch spokeswoman Amanda Woolley explains to Realtor.com, "They bought homes in neighborhoods they could afford at the time. As time passed, their circumstances changed—family grew or incomes increased—and could now likely afford more/different types of home."
Other things that buyers wish they had done differently included having more savings before closing on their home—millennials in particular copped to this one (15 percent). But millennials and baby boomers were equally likely to report that they'd underestimated the costs of homebuying (14 percent). Gen Xers were slightly more savvy, with only 12 percent underestimating the costs.
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