Millennials: Renters or Owners
Millennials: born from about 1980 to 2000 are they the home buyers of today? Not according to the latest opinions and stats. It seems this generation is not looking to be tied down now, they want to have the flexibility of moving around locally, to other states and even other countries if a great job opportunity is offered to them. Many are heavily in debt from obtaining their college education, and do not want to take on any additional debt. Add to the mix the lack of jobs for the graduates in this age group.
Stats: from 2006-2011, 25-34 year olds experienced the largest decline in homeownship compared with any other age group. Among households headed by 25-34 year olds, renters increased by more than a million from 2006 to 2011. The number of homeowners in this age group fell nearly 1.4 million.*
Will Millennials turn their back on the “American Dream of Homeownership.” I doubt it. Homeownership is so much a part of the American culture. Millennials are just postponing it.
*USA Today Sept., 17,2013 Hadley Malcolm