Millennials have the most regrets after buying a home

Millennials have the most regrets after buying a home

Millennials have the most regrets after buying a home
In today’s frenzied housing market, buyers may be tempted to rush into a deal even if it means compromising on the home they want, stretching the budget too thin or picking a neighborhood they didn’t want. These things can lead to buyer's remorse and according to a survey from Bankrate, that is particularly felt among the Millennial generation.

The biggest regret, by far, among recent homebuyers is the cost of homeownership. More than 20 percent of millennial homeowners state they felt the costs of homeownership are simply too high. Unexpected maintenance costs are a major contributor to this feeling.

Millennials were also the largest group to feel like they overpaid for a property with 13 percent saying that the price of their home was more than it should have been.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.