Millennials are landing solid jobs, getting married, and having kids. For many, all that is left on the checklist is buying a home. And they’re ready… they’re just not ready. From the complicated homebuying process to doubts about the economy and lack of savings, three-fourths of Millennials who plan to buy in 2020 are feeling overwhelmed by the homebuying process and they haven’t even talked to a mortgage lender yet. And to top it off, they have a persistent, nagging feeling in the back of their minds: All this work is for homes they feel are too overpriced to begin with.
Millennials are buying homes. This much is known. But, despite the much-discussed generation making their entrance into the housing market, many still are still very uneasy about the process.
To try to get into the minds of millennials, TD Bank surveyed more than 850 millennials (which it categorizes as age 23-38) who are planning to buy their first home in 2020.
According to TD Bank’s First-Time Homebuyer Pulse, 68% said they think now is the right time to buy a home and 52% are actively searching home listings online.
But, 75% of first-time Millennial homebuyers admit they’re overwhelmed by the process of buying a home.
As for what’s weighing on millennials’ minds, the answers vary.
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