Buyers today are spending more than expected on home purchases. To some extent, this is an effect of rising prices. Beyond that, experience was found to play a significant part. Forty percent of millennials are going over budget, compared to 34% of Generation X members, and only 19% of baby boomers, the generation with most experience.
- 40% of millennials went over budget by an average of $24,545;
- 34% of Generation X members went over budget by an average of $13,996;
- 19% of baby boomers went over budget by an average of $8,024
Clearly, experience pays in real dollars. If you’re a first time home buyer, remember that asking for someone experienced for advice can be money in the bank.