Millennials’ use of social media is resulting in a fear of missing out and inspiring them to become homeowners, according to a new study by Bank of America.
“Everyone is sharing everything on social media and they are thinking wow my friend is getting a house or they are looking at a house — how can I get in on that?,” Bank of America head of consumer lending Steve Boland, told FOX Business on “Mornings with Maria.”
And it’s not just Instagram and Facebook driving the prospective first-time buyers to the market — 92% said technology creates a sense of financial security.
Americans are also warming up to the online mortgage process. A majority are more comfortable applying for a mortgage digitally than online dating, the survey found.
“The interest is where it starts,” Boland said. “So they are looking, they are starting their home search and everything online on mobile.”