More Than 60% of Millennial Buyers Say They Have Regrets About Buying

After the initial excitement from purchasing a new home wears off, dissatisfaction with some aspects of the house begins to creep up for a large chunk of buyers, especially Millennials. According to a recent survey by Bankrate, 64% of Millennial homebuyers have at least one regret about purchasing their current home. The share drops down to 45% for Gen Xers and just 33% for Baby Boomers. Overall, 43% of the 1,400 homeowners surveyed are dissatisfied with at least one thing. The biggest regret for homeowners is the high cost of maintenance, followed by buying too small of a home.

Many homeowners, especially younger buyers, have to make compromises on the home they end up purchasing, says Jessica Lautz, vice president of demographics and behavioral insights with the National Association of Realtors. About 69% of all homebuyers make some type of comprise, including on the price, condition and size of the home, according to NAR’s research.

“You’re never going to get all of your wish list, so you do generally have to make at least some compromises because money is a factor in the biggest financial transaction of your life,” she says. Those compromises could lead to a sense of regret down the line.

But just because homeowners may have a few qualms doesn’t mean that they wish they’d never purchased their home. “On balance, most people are happy that they made the decision to buy,” Hamrick says.

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