Something unusual is happening in financial markets and it could mean more gains lie ahead for stocks, if history is any indication.Marketsread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
See which stocks are posting big moves after the bell on June 26.Market Insiderread more
Ten 2020 Democratic presidential candidates will take the debate stage Wednesday at the Adrienne Arsht Center for the Performing Arts in Miami.2020 Electionsread more
Credit Suisse initiated coverage of Tesla Wednesday with an "underperform" rating and a price target 15% below where the stock closed.Marketsread more
Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
These attacks have given the public the opportunity to examine the problems associated with ransomware, where corporations -- not obligated to disclose these attacks -- have...Technologyread more
Online home goods retailer Wayfair sold roughly 1,600 mattresses and 100 bunk beds to Baptist Child and Family Services, a nonprofit that works as a federal contractor...Retailread more
HPV infections declined substantially since a vaccine was introduced, providing 'strong evidence' the vaccine prevents cervical cancer in the real world, according to a World...Health and Scienceread more
"As a private company we don't have the tools to make the Russian government stop," Facebook CEO Mark Zuckerberg said at the Aspen Ideas Conference on Wednesday. "We can...Technologyread more
Bitcoin jumped to its highest price since January 2018 on Wednesday.Bitcoinread more
Millennial homeowners have a bad case of buyer's remorse, according to a new survey.
Nearly two-thirds, or 63 percent, of millennial homeowners surveyed by Bankrate.com said they had regrets about buying. That is more than any other age group, defined in the survey as people aged 23 to 38, and nearly double the regret rate of baby boomers. Overall, about 44 percent of U.S. homeowners say they have regrets about their purchase.
Millennials have been slow to enter the ranks of homeowners, thanks to the last recession and the housing crash that caused it. Now, as they age into marriage and parenthood, they are buying at a faster pace. Many, however, are regretting it.
What seems to irk millennials most is maintenance. They didn't factor in the high costs of fixing what breaks. Young buyers may have been renters previously, and not even considered maintenance since it was never a factor financially.
"Repairs and maintenance costs are something all homeowners face," said Bankrate analyst Deborah Kearns. "Consumers should expect to set aside 1 percent of their home's purchase price each year to keep in a savings account to cover these expenses. Budgeting early on can prevent dipping into emergency savings or going into debt to handle these added expenses."
Other regrets include the type and location of the home purchased. About 12 percent of those surveyed said the house they bought was too small, while 5 percent said it was too large. Despite the old real estate adage, "location, location, location," 8 percent said they bought in the wrong location.
Some of the problem may stem from millennials being much more likely to use social media in their home searches than any other generation. More than 57 percent do just that – which is three times the rate of both Gen Xers and baby boomers, according to a recent survey by Porch, a home repair and renovation website. Only about 30 percent of millennials even visited their desired neighborhood to look at homes listed for sale.
Today's buyers have the benefit of low mortgage rates but the strong headwinds of high home prices. That may be why other common regrets were that the purchase was a "poor investment" and that the mortgage payments were too high. Some said they did not get the best rate available.
"Taking on a larger mortgage payment than you can comfortably handle is a recipe for disaster," Bankrate's Kearns added. "Spend a few minutes using a mortgage calculator to determine what you can afford, and shop around with at least three different lenders to ensure you're getting the best rates and terms."
There are ample options for potential buyers online to research rates, calculate payments and understand what type of loan would be best. A lot of the regret might be alleviated by more work upfront.
Despite all the regret, a full 79 percent of Americans still consider homeownership part of the "American Dream," according to Bankrate. Unfortunately, millennials struggle most with the burden of student loan debt, and are more than three times as likely as older Americans to blame that debt for sidelining them from homeownership.
"Now it's debatable how student loan debt is playing into millennial options because presumably the reason why they're in student loan debt is because millennials have invested in their education, which over time means higher wage growth and they can move into professional jobs," said Nela Richardson, a senior financial analyst at Edward Jones. "So in previous decades there has been a positive correlation between homeownership and student loan debt."
High rents are also keeping some from saving for a down payment, and home prices have been rising faster than wages, only adding to the financial roadblocks.
The homeownership rate for those under 35 was just 36.5 percent in the last quarter of 2018, compared with 61 percent for those aged 35 to 44, and 70 percent for those aged 45 to 54, according to the U.S. Census. The millennial homeownership rate actually dropped in the fourth quarter compared with the third quarter, but was unchanged year over year.