And they are excited enough to cut back their weekend spending to make it happen
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Millennials are already buying homes – they have been the largest cohort of buyers for the past 5 years – but those who haven’t yet got the keys to their own front door feel ready to make the move.
A survey of millennial first time homebuyers by Chase Home Lending released today (5/29) has found that 52% feel financially ready for the purchase.
But even those without a down payment now are hungry to become homeowners with 70% willing to cut back on their weekend spending including shopping and going to the movies if it means they could buy a home within the next 12 months.
“Millennials are hyper-focused on their personal path to homeownership. Both mature and modern, they understand that this is a momentous decision, and are completely committed to making it a reality,” said Amy Bonitatibus, Chief Marketing and Communications Officer for Chase Home Lending. “And despite common misconceptions, they’re planning ahead, making smart financial decisions and willing to adjust their current lifestyle to make homeownership possible.”
Chase’s study, “Readying to Buy: First-Time Homebuyers Share Motivation & Willingness to Purchase,” reveals that homebuying is a topic of conversation among 68% of millennials with their friends or other social circles.
Student loans won’t stop them
Even while juggling various financial priorities or obligations, including paying off student loans and improving credit scores, 93% of respondents said they know that homeownership is on the horizon and feel either excited or hopeful about the homebuying process.
Having their own space, life changes such as marriage or starting a family, and investment/wealth building were the top three reasons why respondents want to own their own home.
