Seventeen percent of millennial and Generation Z homebuyers from ages 18-34 regret purchasing a home instead of renting, according to a Zillow survey. These young homebuyers have regrets about their mortgage, saying they rushed through the process. The Mercury News reports:
Speculating as to why, Josh Lehr, industry development at Zillow-owned Mortech, said getting the wrong mortgage may have driven that disappointment. For example, the Zillow survey showed 22% of young buyers had regrets about their type of mortgage and 27-30% said their rates and payments are too high.
Lehr pointed out that 57% of the millennials shopped lenders online. Yet, they didn’t know what they didn’t know regarding the details of various financing instruments and finding the best fit for them.