Survey finds Tennessee millennials are over paying rent, seek home ownership
NASHVILLE, Tenn. -- Auto club group AAA is now in the home loan business and a recent survey conducted by the organization shows Tennessee millennials are over paying rent.
In a AAA Consumer Pulse survey, 45% of millennials report 'renting fatigue' as the primary reason they are looking to become home owners.
The second most-cited reason was to move to a better neighborhood (37%), followed by wanting to start a family (25%).
81% of Tennessee millennial home buyers will seek financing and 65% plan to spend between $100,000 to $299,999 on a home.
AAA advises those seeking mortgage financing to start looking and doing research now, before the spring real estate market heats up. AAA also says to seek pre-approval before entering the market to give buyers an advantage when making an offer on a home.
As for the important of interest rates to millennials, AAA say to also pay attention to additional costs like application fees, insurance fees, and attorney's fees that could vary depending on the lender.