According to an American study1, it has been noted dependent on the age of the individual, some individuals spend more time researching the purchase of their next car than they do their next home. In this day and age, baby boomers (individuals who are above the age of 55) invest approximately 12 more hours than millennials (individuals who are between, and including, the ages of 18 to 34) on the research of their new home. This seems like a very large gap in the number of hours spent by each group given there is no gap between these two groups when it comes to buying their car!
The study identified further the average number of hours invested in researching a home is 26 by an average individual compared to the average number of hours invested in researching a vehicle is 11.
Some absolutes can further explain this point. An average cost of a home, as per the study, USD$184,600 compared to the average costs of a vehicle is approximately USD$34,000. It seems odd therefore, people and especially younger generations, spend more time in choosing a car versus a home when the difference in price is significant.
Younger people and millennials may choose to research the purchase of their care more so for numerous reasons. Buying a house is often an overwhelming exercise and which knowledge requires and awareness younger folks may not have. Beyond this, there will be other reasons too.
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