In a new survey, the perceived value in buying a home dropped below 50% among this group, down significantly from post-Brexit high. Other findings included:
-In the third quarter of 2018, 48% of all millennials believe buying a home in America today is a good investment; this is a record low, down from 54% in the second quarter. The previous high was 77% two years ago.
-58% of millennials now agree buying a home is the best financial decision they can make for themselves and their family, another survey low in ten quarters.
-Just over six in 10 millennials (61%) now believe buying a home is more beneficial than renting, again a survey low, down from a high of 83% two years ago.
-While 76% of all homeowners believe now is a good time to sell a home, only 39% of millennials who want to become homeowners believe now is a good time to buy a home.
The ValueInsured Housing Confidence Index for millennials registered a score of 56.9 on a hundred-point scale in Q3 2018. It is the lowest level recorded, down 1.7 points from Q2, and down 10.1 points from a year prior.
In addition to reporting a steady slide in their conviction for home buying, more millennials now associate owning with sacrifices:
-Nearly one in four (23%) believe they need to delay having children in order to afford buying a home.
-32% do not believe they can afford a healthy and balanced diet while saving for a home at today's high prices.
-31% seriously consider relocating to another city to afford buying.
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