A new Bankrate study finds that 63 percent of Millennial homeowners have buyer's remorse. Their remorse rate is nearly twice that of Baby Boomer buyers.
Bankrate defines Millennials as people aged 23 to 38 years. The national remorse rate for all homeowners stands at 44 percent. Unforeseen costs are the primary source for American homeowners, and Millennials are no different. Bankrate analyst Deborah Kearns tells CNBC that buyers need to keep repair and maintenance costs in mind when purchasing, "Consumers should expect to set aside 1 percent of their home's purchase price each year to keep in a savings account to cover these expenses. Budgeting early on can prevent dipping into emergency savings or going into debt to handle these added expenses."
Other regrets include the type and location of the home purchased. About 12 percent of those surveyed said the house they bought was too small, while 5 percent said it was too large. Despite the old real estate adage, "location, location, location," 8 percent said they bought in the wrong location.
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