What Millennials Are Willing to Give Up to Own a Home
May 31, 2019
Young adults are all about making sacrifices and lifestyle trade-offs to get them on the path to homeownership, according to a new survey of 1,000 millennials, ages 22 to 38, by Chase Home Lending. Seventy percent of young adults say they’re willing to cut back on weekend activities, such as shopping, going to the movies, and splurging at the spa, at least once a month if it meant they could purchase a home in the next 12 months, the survey shows.
Women tend to be more willing than men to adjust their lifestyle in order to achieve homeownership more quickly. Seventy-one percent of female respondents say they’re willing to limit eating out to once per week if it set them up for homebuying success in the next 12 months.
They want to hear more about real estate topics, too. More than two-thirds of millennial first-time home buyers surveyed say they want to talk about homebuying topics, like affordability, the home buying journey, and neighborhood options, with their friends. “This shows they value the opinions and knowledge of their peers,” the survey notes.
Seventy-one percent of women say they’re willing to discuss homebuying topics with friends, and more than 50% of men are likely to engage with or post about a homebuying topic on social media.
“Millennials are hyperfocused on their personal path to homeownership,” says Amy Bonitatibus, chief marketing and communications officer for Chase Home Lending. “Both mature and modern, they understand that this is a momentous decision and are completely committed to making it a reality. And despite common misconceptions, they’re planning ahead, making smart financial decisions, and are willing to adjust their current lifestyle to make homeownership possible.”
The survey also found that 52% of millennial first-time home buyers say they feel financially ready to buy a home. “Even while juggling various financial priorities or obligations—including paying off student loans and improving credit scores—the vast majority—93%—know that homeownership is on the horizon and feel either excited or hopeful about the homebuying process,” the survey states.
Updated: February 14, 2020