A majority of millennials desperately want homes, with 78 percent saying a home purchase is still part of the American dream. But homeownership has proved to be a tough hill to conquer for most. A new Clever Real Estate survey found that 48 percent don’t think homeownership is affordable for the average millennial.
That, of course, doesn’t mean the dream is dead—but a majority of millennial appeared poised to play the long game.
Some 42 percent of millennials expect to make concessions on the characteristics of a home, and 29 percent expect to make financial concessions, including paying higher interest rates, maxing out their budget and making multiple offers.
More than 3 in 4 millennial home buyers would reportedly consider accepting an interest rate that’s higher than the national rate of about 7 percent, while 65 percent say they would accept an interest rate of 10 percent. Just 23 percent would accept a rate of 15 percent or more.
For their dream home, 79 percent of millennials would pay above asking price to beat the competition—down from 85 percent who said the same in 2023.
For more on the survey findings, click here.