A recent survey revealed that over half of millennials and Gen Z individuals are postponing home purchases primarily due to high mortgage rates. Gen Z especially prefers renting and is more cautious, with 67% of respondents acknowledging that mortgage rates influence their buying decisions. While millennials are showing renewed interest in purchasing homes this spring, most still prioritize waiting for lower rates to act. Furthermore, many homeowners feel "locked in" by existing high rates, affecting their selling intentions. A significant portion plans to use personal savings or retirement funds to finance future purchases.
More than half of millennials and Gen Z have postponed home buying due to high mortgage rates, with a notable increase in Millennial interest this spring.
Despite challenges, 67% of Americans report mortgage rates significantly impacting their home purchase decisions, prioritizing lower rates before committing to buy.
The lock-in effect is still prevalent, with many homeowners feeling constrained by high mortgage rates, influencing their plans to sell their homes.
Among prospective sellers, 43% expect to sell if rates continue to rise, while 20% feel deterred by the same expectation.
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