High prices, low supply are causing many first-time homebuyers, often millennials aged 20 to 35, to sacrifice on many of the features they value in order to purchase a home; or to give up the search all together.
A recent survey by Trulia found that 84 percent of respondents would give up features in order to live in their ideal neighborhood; 34 precent would skip the garage, 32 percent would forego the updated kitchen and 30 percent would accept less square footage. 16 percent said they wouldn’t make any concessions.
Unfortunately, even with concessions competition remains fierce and many millennials give up on the idea of buying a home or move out of the area.
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