Imagine a world where millennials didn’t have their beloved iPhones, Instagram or Chipotle…
Despite popular opinion that millennials can’t live without technology, about 29% would be willing to give up their iPhone forever, nearly half would swear off Instagram forever… nearly half would even give up Chipotle forever…. all if it meant they could own their dream home.
These amusing new statistics emerged in a new survey Unison conducted amongst 500 millennials and 500 baby boomers in order to uncover how they feel society has shifted over the years, especially as it pertains to the idea of owning a home.
According to the results, millennials definitely want to be homeowners, but feel it’s impossible for many reasons. Nearly half of millennials (47 percent) believe that buying a home now is a lot more difficult than it was thirty years ago.
And they aren’t the only ones that think so — over half of boomers (51 percent) feel the same way, with one in four saying they “strongly” believe so.
“With student debt and rising home prices, millennials have it harder than their baby boomer counterparts did at the same age,” said Unison CEO Thomas Sponholtz. “Owning a home is a fundamental human desire and they might be willing to give up their iPhone and brunch to own a home, but with Unison they don’t have to; instead, they can own the home, instead of the home owning them.”
Not only that, one in three millennials say they’ve changed their life plan due to not being able to afford a down payment on a home, and another 22 percent put off getting married for the same reason.
One in four (24 percent) have actually put off having kids, yet only 5 percent of boomers could say they’ve ever done the same.
Although baby boomers may have had an easier time affording a home, millennials have more options available – like Unison. As the creator of the home co-investment space, Unison provides potential buyers who have previously been locked out of the market with another option.
Sponholtz adds, “Millennials are very concerned, more so than their boomer counterparts, when it comes to home buying and are uneasy about piling on additional debt. They want flexibility and control of their life and their finances. When they partner with Unison, they may only need to pay as little as 5% of the down payment giving millennials the ability to buy a home, while still having cash on hand to live the life they want.”