Loan Zone: Millennial homebuyers are struggling

Here’s how credit unions can help reduce the stress of new homeownership.

Millennials have finally entered the housing market, but it hasn’t been easy for them. While the majority of homeowners are satisfied with their properties, millennials as a group report exceptionally high levels of financial stress and regret regarding their home ownership.

Clever Real Estate’s recent millennial homeowner study examined the reasons for this generation’s home-related distress, and gleaned key insights into how credit unions could offer assistance in a way that would benefit both young people and CUs.

Millennial homeowners seem especially unhappy when compared to baby boomers. While only 13% of baby boomers reported feeling stressed by homeownership, millennials were twice as likely to report being stressed by it. Part of this stress may be due to comfort or familiarity; 68% of baby boomers have lived in their current homes for more than 10 years on average, while 61% of millennials have lived in their homes for less than five years.

 

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