Millennials want to buy homes, but worry about finances

by Julia Berger

A majority of millennials wish to someday own a home, but are unsure if their dream will become a reality, according to a recent survey by ValueInsured.

The Modern Homebuyer Survey found that the desire to own a home among millennials remained high. However, those surveyed reported changes in attitude towards homeownership. Some key findings:

  • The report found that 78 percent of millennials express desire to own a home, while 66 percent believe buying a home is a secure and smart financial investment, which is down 7 percent from January 2016.
  • The number of millennials who believe buying a home is one of the best financial decisions they can make for themselves and their families is also down 7 percent (80% to 73%).
  • Among millennials who want to buy a home in the near future, only 34 percent believe they will be able to afford a down payment on a home they would want to buy. Only 36 percent believe the housing market is headed in a beneficial direction for “people like me.”

Confidence in the housing market is also low among millennials, with only 46 percent being confident that a housing crisis like 2008 will not happen again in their lifetimes.