Just 18% of millennials believe that they can afford a home purchase
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Just 18% of millennials believe that they can afford a home purchase.
A new survey from loanDepot shows that almost two thirds of young Americans are concerned about having a large enough downpayment, 48% are unsure of where to start the process, 43% are worried about poor credit history and 38% worry about too much existing debt.
The poll shows that there is still great intention among millennials to become homeowners with ‘no longer wanting to pay rent’ and ‘being ready to start a family’ as two of the key reasons for wanting to buy.
Even among the almost-half of respondents who currently have a mortgage, 55% say they wish they’d known more about interest rates before becoming owners, 47% wish they’d had more information about the types of loans available, and 45% wish they’d known more about the pre-approval process and the payments they would need to make.
"It's clear from the survey results that Millennials have a lot of anxiety built up about the home-buying process," said David Norris, loanDepot's Head of Retail Lending.
About 54% of Millennials say they plan to ask their parents about how to buy a home, with 52% saying they'd first turn to a mortgage broker or company.
A new survey from loanDepot shows that almost two thirds of young Americans are concerned about having a large enough downpayment, 48% are unsure of where to start the process, 43% are worried about poor credit history and 38% worry about too much existing debt.
The poll shows that there is still great intention among millennials to become homeowners with ‘no longer wanting to pay rent’ and ‘being ready to start a family’ as two of the key reasons for wanting to buy.
Even among the almost-half of respondents who currently have a mortgage, 55% say they wish they’d known more about interest rates before becoming owners, 47% wish they’d had more information about the types of loans available, and 45% wish they’d known more about the pre-approval process and the payments they would need to make.
"It's clear from the survey results that Millennials have a lot of anxiety built up about the home-buying process," said David Norris, loanDepot's Head of Retail Lending.
About 54% of Millennials say they plan to ask their parents about how to buy a home, with 52% saying they'd first turn to a mortgage broker or company.
