Not all millennials spend their weekends at boozy brunches and fritter away their savings on avocado toast and fancy coffees. In fact, many millennials plan to buy their first home in the next several years. 

In our first-ever Financial Wellness Study, Opendoor spoke to millennials, or the age group currently between 26-41, about the pressures of home buying. Here’s what we found.

Millennial mindset

31% of millennials surveyed told Opendoor they feel some pressure to own a home. Such pressure comes from three main sources, ranked in order from most to least:  

• Societal

• Internal 

• Familial 

Compounding that stress is the fear of going it alone. 46% of millennials say they aren’t planning to buy a home with a partner or with help, as some in previous generations might have done. 

What are millennials stressed about?

49% of survey participants indicated that coming up with enough money and securing a down payment is the most stressful part of home buying. 

But there can be an array of other factors that make the process seem intimidating. Opendoor broke out some of these factors by region.

The top regional home buying stressors, according to surveyed millennials, are:

• West Coast: bidding wars (60%)

• Texas: understanding the mortgage and lending process (51%)

Here’s a breakdown of other stressors millennials are feeling as they weigh dipping their toes into the housing market: 

• 43%: understanding a mortgage

• 16%: guilt about receiving financial assistance from family members

• 11%: unease about being a single homeowner

Across all age groups, 81% of respondents surveyed said they categorized buying a home as their biggest financial burden. 

This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice. Opendoor always encourages you to reach out to an advisor regarding your own situation.