Roughly 92% of Millennial Homebuyers Say Inflation Has Affected Their Purchasing Plans
Of all Millennials who planned to become homeowners during the past year, 92% say inflation has affected their goal, though the majority are still continuing the search for their future home. According to a recent survey by Real Estate Witch, just 28% of Millennials are delaying their homebuying plans in the wake of rising inflation.
The remainder of respondents say they’re saving more money for an upcoming purchase (59%), spending more than expected (36%), buying a fixer-upper (26%), or purchasing a smaller home (25%), CNBC reports.
Millennials — who are roughly ages 27 to 42 — are in their prime homebuying years. The typical first-time buyer was age 36 in 2022, up from age 33 in 2021, according to the National Association of Realtors.
Last year, first-time buyers made up 26% of home purchases, compared with 34% in 2021. The combination of year-over-year double-digit price jumps for much of 2022 and rising mortgage rates created an affordability problem for many buyers.