'Regretfully Yours': Top First-Home Regrets by Generation
A new survey of American homeowners analyzes what they regretted most about their first home, and how the results stack up by generations: Baby Boomers, Generation X, and Millennials.
The top regret for each age cohort is buying too small a house. Boomers had the largest share, 22 percent, with Gen X (20 percent), and Millennials, (15 percent), close behind. Millennials' additional primary regret was not saving up enough before purchasing, cited by 15 percent of the cohort's respondents. Their and Boomers' second largest regret, cited by 14 percent of each generation's respondents, was underestimating how much homebuying requires. As for those with no regrets, Millennials had the smallest share, 3 percent, followed by Gen X, 7 percent, and Boomers, 12 percent, according to Porch.com's study.
Owning a home has long been a part of the American dream. Having your own slice of real estate indicates you are stable, committed, and responsible. For most Americans, it's the largest single purchase they will make and most likely their biggest asset. For all the excitement that comes with a first home, the ultimate dream can turn into a nightmare when unforeseen problems surface before the ink on the mortgage papers dries.