A survey from Clever found that 51% of Millennials have some regrets about buying their homes.
CNBC reports that Millennial’s number one regret is that heir mortgage payments are too high. More than two-thirds of those surveyed put down less than 20% on their homes, resulting in higher monthly payments and potentially roping them into private mortgage insurance requirements.
The second biggest reason millennial homeowners have regrets is because of how expensive home repairs and updates can be: 43% of young homeowners were surprised by the cost of maintaining their homes. It could be pricey, in part, because millennials are more likely than boomers to buy a fixer-upper that requires big projects. Therefore, they’re investing “more time and resources into home repair, maintenance and renovations,” the survey says.
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