Boston condos for sale: Many Millennial’s struggle with the cost of home ownership

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Boston condos for sale: Many Millennial’s struggle with the cost of home ownership. Boston condos for sale. It appears that Millennials are struggling to come up with a down payment to pay for a Back Bay or Beacon Hill condo for sale, but the money woes don’t stop there. According to a recent report millennials pay less than the traditional 20 percent down on a Boston condo for sale, said a new survey released by St. Louis-based Clever Real Estate, a referral service . This leads to high monthly payments and, sometimes, buyer’s remorse.

Also, a lack of funds to start with means many use credit cards, or loans, for home renovations, respondents said. The Clever study was collected in late April and included 1,000 homeowners.

One in five said they were spending more than 50 percent of their income on household expenditures, including a mortgage.

Nationwide, millennials often use debt to pay for home renovations, unlike baby boomers who mostly use cash. Millennials were three times as likely to use a personal loan for repairs, and twice as likely to use a credit card.

Despite some struggles with maintaining their own place, 72 percent of millennial homeowners said they were proud to own a home.