The survey also revealed that mortgages have a “major impact” on savings ability for more than a third of borrowers
Older millennials (ages 27-36 and those from Generation X (ages 27-52) are likely in the market to buy a home this year, a recent survey by Bankrate revealed. Some 20% them said they are very or somewhat likely to do so, compared to lower figures among other age groups:
• Younger millennials (ages 18-26): 15%
• Baby boomers (ages 53-71): 11%
• Silent Generation (72 and older): 4%
As a whole, about 15% of non-homeowners are very or somewhat likely to buy a home this year, while 84% said they would not do so.
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Mortgages have a “major impact” on more than a third (37%) of borrowers’ ability to save, the survey also revealed. Another 46% said mortgages had a “minor impact.”
The study found a significant split between parents of children under 18 and everyone else. Some 51% of the parents with minor children said their mortgage had a major impact on savings, while only 27% of those without minor children said their mortgage had a major impact on savings.
"It's probably not as much about the mortgage as it is that stage of life," Realtor.com chief economist Jonathan Smoke told Bankrate.
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Fifty-six percent of parents surveyed were homeowners, while 41% were renters. About one-third of the renters said they don’t own because their credit wasn’t good enough, while another third said they couldn’t afford a down payment, Bank rate said.
