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| Danielle Hale |
SANTA CLARA, CA (April 4, 2018) – As interest rates and home prices continue to rise, millennial home buyers are more likely than older buyers to adjust what they are shopping for, according to a new survey released today from realtor.com®, a leading online real estate destination.
Two factors contributing to this market sensitivity are millennials’ likelihood to carry more student loan and other debt and put less down than other buyers.
According to the online survey of more than 1,000 active buyers conducted in March by Toluna Research, 79 percent and 83 percent of respondents of all ages, respectively, said rising interest rates and home prices will impact their home search. That rises to 92 and 93 percent for buyers ages 18 to 34 years old.
Only 17 percent and 21 percent of all buyers indicated prices and rates would have no impact.
“Existing debt and lower down payments leave younger shoppers more exposed than others to the impact of rising mortgage rates and record-high home prices,” said Danielle Hale, chief economist for realtor.com®. “These obstacles won’t prevent millennials from finding and buying homes, but most will have to adapt to these challenging market conditions by adjusting their home search.”
Full results of the surveys are available at:
Realtor.com® also recently surveyed house hunters about what they are looking for in a home:
It also surveyed buyers on about the hotly competitive spring buying season:
http://news.move.com/2018-03-22-Homebuyers-Pull-Out-All-the-Stops-for-Hotly-Competitive-Spring-Market
For more information, please contact:
Janice McDill: janice.mcdill@move.com
Lexie Puckett Holbert: lexie.puckett@move.com
www.realtor.com®
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