June 5, 2019

How do millennials really feel about homeownership?

There’s an avalanche of conflicting information out there about millennials and the American dream of homeownership. So, we recently checked in with a bunch of them to see how they really feel about buying a place to call their own.

According to our survey of 1,000 Americans, 81% of millennials believe they’ll own a home “in the foreseeable future,” with 60% expecting to be homeowners before they’re 40. What’s more, 27% already own their home. This is especially encouraging given how challenging it is to buy a home compared to just a couple of decades ago.

We also found that 42% of millennials agree they don’t want to settle for just any home. They want the right home that fits their lifestyle. Still, the struggle is real for many millennials:

  • 69% think life is harder now than it was when baby boomers were growing up finding jobs and houses.
  • 57% feel buying a house is more difficult now than it was 30 years ago (even 51% of baby boomers agree with this).
  • 53% feel their parents had it easier when it came to buying a home.

Luckily, millennials haven’t lost their sense of humor. Some said that owning a home is less likely than winning the lottery (30%), dating an “A-list” celebrity (29%) or reaching the peak of Mt. Everest (28%).

And consider what they said they would do (or give up) to own their dream home:

  • 47% would never post on Instagram again
  • 36% would give up brunch forever
  • 29% would post their most embarrassing picture on a social media platform

Unison doesn’t want you to give up anything important to make your dream of owning a home a reality. And we believe you shouldn’t have to. You just need a sensible plan to make homeownership work. (Check out our “Tips for Saving for a Down payment.”)

A home co-investment can help support that plan.

Unison helps you with your down payment by making an upfront cash investment in your home in exchange for a percentage of its change in value when you decide to sell (up to 30 years from now). It’s not a loan that adds to your debt. When you profit, we profit. If you don’t, we share in the loss.

Although baby boomers may have had an easier time affording a home, millennials have more options. Unison helps opens doors for potential buyers previously locked out of the market.

Together with Unison, you’ll not only be able to make a down payment on the home you really want, you’ll also have more money for other important life things.