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Study: Millennials Rank Home Ownership the No.1 Accomplishment

By Sam Evans

Millennials view owning a home as a greater accomplishment than saving the world, which ranked second to last, according to the 2018 TMS Millennial First-Time Homebuyer Study, notes a new survey from The Mortgage finance Company.

The study uncovered that 43% of Millennials said that owning a home is the most important accomplishment, with falling in love and saving $20,000 as second and third most important. According to the results, love and savings are inextricably linked – they need to fall in love in order to afford a new home. Saving the world barely beat buying a car, which ranked second to last with 13%.

[caption id="attachment_6376" align="alignleft" width="150"] Millennials consider buying a home the top accomplishment.[/caption]

“Millennials are three times more likely to buy a home than they are to save the world,” said Barbara Yolles, chief strategy officer for The Money Source (TMS). “Home represents ultimate happiness and achievement to these first timers.”

Yolles continued to compare the values of the Avengers to the values of Millennials. “It’s almost ironic,” Yolles wittingly said. “Millennials identify with the Avengers as their heroes who do good in the world and expect this from their brands. Yet, when it comes to home, they rank it over saving the world, which doesn’t bode well for the fate of the earth in the hands of this generation.”

The study also showed that Millennials compare the feeling of finding a new home to a treasure hunt, but inversely view the mortgage process to mountain climbing--something difficult and challenging to achieve.

 

 

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