Debt and inflation are keeping 92% of millennials from buying a home. That’s nine out of 10 potential homebuyers.
This is according to a survey from online publication Real Estate Witch. The study found inflation to be particularly challenging for this age group. More than 1 in 4 (28%) have delayed their home search due to inflation struggles.
More than half (54%) have less than $10,000 in savings. In 2022, only 18% of millennials reported having that small of an amount. One in five (20%) have no savings at all.
The survey also found that 29% of millennials now say buyer competition is an obstacle. That number was 59% in 2022. Nearly half (47%) ranked high interest rates as their top concern.
Also, 62% of millennial home buyers say they plan to put down less than 20% on a home. Only 34% of millennials said the same in 2022.
More than half of millennials (53%) say they can’t currently afford a home. The primary reason given, at 41%, is lack of down payment money. One in three (37%) worry that they may not even qualify for a mortgage.
Clever Real Estate, which owns the publication, polled 1,000 millennials for the survey.