Nearly three-quarters of millennials are willing to make sacrifices to become homeowners.
According to Chase Home Lending’s recently released “Readying to Buy: First-Time Homebuyers Share Motivation & Willingness to Purchase,” they found that 70% of millennials surveyed would cut back on weekend activities to be able to afford to purchase a property over the next year. Seventy-one percent of female millennials and 54% of male millennials said they would cut back to eating and drinking out to just once per month if it led to homeownership in 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 Chief Marketing and Communications Officer for Chase Home Lending Amy Bonitatibus. “And despite common misconceptions, they’re planning ahead, making smart financial decisions and willing to adjust their current lifestyle to make homeownership possible.”
With a desire to own their own space and build wealth and investment, as well as familial changes, close to half of millennials surveyed said they are confident in what owning a property entails, like upkeep, as well as the homebuying financial process, like getting a mortgage.
Millennials are also talking about homebuying with their peers. Sixty-eight percent reported talking about things like affordability, homebuying journeys and neighborhood options with their friends.
Ultimately, 52% of millennials in the survey said they are ready to buy a home, and 93% said homebuying is on the horizon and feel excited and/or hopeful about the process.