Millennials aren’t feeling too great about becoming homeowners.
A new survey by Bank of the West found that four in 10 millennials (defined here as individuals 21 to 34 years old) are homeowners — and a majority of them regret taking the plunge, CNBC reported. Four in 10 millennials felt they’d made a poor financial decision in buying their home, according to the survey. Down payments might be a contributing factor to such results: One in three said they drew from their retirement accounts to pay for their homes.
“Borrowing from your retirement may make sense in special circumstances, but it’s definitely not a recommendation,” Ryan Bailey, head of Bank of the West’s retail banking, told CNBC.
Unexpected costs and prematurely deciding on a home also played a part in the survey’s results. One in five said they discovered damage to the home after moving in, and two-thirds reported compromising at some point during their home purchase.