American Dream: 68% Of Millennial Homeowners Regret Buying A Home

A Bank of the West study finds that 68% of millennials regret buying a home.

Please consider the polling results of a Study on the American Dream.

What Best Describes Your Views?

Key Findings

  • 3% of Millennial live the American Dream.
  • 16% of Boomers live the American Dream.
  • 25% have abandoned the American Dream.
  • 11% overall (13% of Millennials) never believed in the American Dream in the first place.
  • 52% (54% of Millennials) believe the American Dream is possible.

Top Ingredients of the American Dream

Key Findings

  1. 56% of Millennials prioritize home ownership vs 68% of Baby Boomers.
  2. 49% of Millennials prioritize retiring comfortably vs 73% of Baby Boomers.
  3. 41% of Millennials prioritize having children vs 36% of Baby Boomers.
  4. 38% of Millennials prioritize car ownership vs 42% of Baby Boomers.

Point two is bound to change as Millennials get closer to retirement.

Points 1 and 4 are secular changes making the Fed's attempt to inflate much more difficult.

Point 3 is peculiar and likely subject to interpretation error.

The ability of Baby Boomers to have kids at this point is very restricted. The same applies to the question about getting married.

Motivators to Buy a Home (Non-Homeowners)

Only 8% of millennials have no interest in buying a home compared to 46% or boomers.

This is despite the fact that 56% of Millennials vs 68% of Baby Boomers prioritize home ownership.

Home Ownership Plans

Key Findings

  • 29% of Millennials who purchased a home dipped into retirement income.
  • 19% of Millennials who plan to purchase a home expect to dip into retirement income.

If they are forced to sell for any reason and have a loss they have a bad tax consequence.

Regrets

Reason for Regrets

A whopping 68% of millennials who bought a home now have regrets. Only 35% of Baby Boomers have regrets.

The latter statistic is likely skewed to the downside.

Why?

Many Baby Boomers lost their homes in the Great Recession. I suspect most of them have regrets but were not sampled in the survey.

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Harry Goldstein 1 month ago Member's comment

Yes, owning your own home is the American Dream. But homes are expensive to buy and expensive to maintain. Too may millennials carry student loan debt making it difficult to pay off a house.

Dan Nicholson 1 month ago Member's comment

True, and I doubt millenials have the knowledge to make their own home maintenance repairs (nor auto, or other repairs).