ST. LOUIS–Nearly a quarter of all Millennials would be willing to pay a rate as high as 15% in order to get a mortgage and get a home, according to a new survey.
But the Millennial Home Buyer Report: 2024 Edition from Real Estate Witch also found 50% of Millennials who plan to buy a home before the end of 2024 say high interest rates are a barrier to homeownership, and 67% regret not purchasing a home when rates were lower.
“Shockingly, 65% of Millennials would accept an interest rate of 10% or more, and 23% would accept a rate of 15% or more,” Real Estate Witch said in releasing its findings. “Millennials may be willing to accept a high interest rate because 68% plan to refinance if rates decrease.”
Other Survey Findings
Other survey findings include:
- Overall, 93% of Millennials say the real estate market has affected their home-buying plans, and 76% are concerned it will get worse for buyers before they buy a home.
- However, despite high interest rates, 47% of Millennials plan to put down less than 20% on a home.
- 25% of Millennials worry they won’t qualify for a mortgage. In fact, the percentage of millennials who have $10,000 in debt (57%) is more than double the percentage who have $10,000 in savings (25%), the company found.
For far more detailed findings, go here.
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