In a new study on Millennial homeownership, the data show that 68 percent of these homeowners regret buying a home, mostly due to overspending and the recurring costs of maintaining a home.
About 40 percent of Millennials are homeowners, per the Bank of the West survey of more than 600 individuals in this age range, and that same share of Millennial homeowners say they didn't make the best financial choices when buying their home, specifically making their down payment. The survey data show that about 33 percent of respondents used a portion of their retirement account savings to put toward a down payment, CNBC reports. “Millennials are so eager to become homeowners that some may be inadvertently cutting off their nose to spite their face,” says Ryan Bailey, head of Bank of the West’s retail banking.
When you buy a home, the expenses don't stop once you move in. [It's one thing to] understand basic costs, such heating and electric bills, but Bailey recommends also considering how much time and money it could take to mow the lawn, clean the house or deal with leaky faucet. “When you’re a homeowner, you can’t call your landlord to fix things, so you want to make sure you have a little extra cash in the bank,” Hale says.
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