9 out 10 Millennial Renters Want to Purchase a Home
While the millennial homeownership rate still significantly lags that of previous generations at a similar age, a new study by AparmentList showed that almost 90% would prefer to own than rent.

However, just 4.4% of them plan do so in the next year.  But just a little further out, the numbers get quite encouraging for those wishing to do some "Adulting".  15% more plan purchase in 1-2 years and then add another 15% on top of that for plans to purchase 2 to 3 years from now.  That puts those planning to purchase a home in 1 to 3 years at 34.4% which is a large number of future homeowners hitting the market.  Now, add in another 25% for those that say that they plan to purchase in 3-5 years and now the total in the 1 to 5 year time horizon jumps to 59.4%.  But wait there's more....30% said that they would purchase a home in 5 years or more from now.

Among those millennial renters who plan to eventually purchase a home, 71.5 percent cite affordability as a reason that they have yet to do so. Specifically, we find that saving a down payment is the primary financial obstacle keeping millennial renters from purchasing homes, with 61.7 percent of respondents who plan to buy saying that they can’t afford a down payment (maybe they are simply unaware of many low to no downpayment mortgages). Meanwhile, just 29.1 percent say that they can’t afford a monthly mortgage payment.



No Trackbacks


Display comments as Linear | Threaded

No comments

Leave A Comment

Enclosing asterisks marks text as bold (*word*), underscore are made via _word_.
Standard emoticons like :-) and ;-) are converted to images.

To prevent automated Bots from commentspamming, please enter the string you see in the image below in the appropriate input box. Your comment will only be submitted if the strings match. Please ensure that your browser supports and accepts cookies, or your comment cannot be verified correctly.

Submitted comments will be subject to moderation before being displayed.

© 2017 Designed and Hosted by McNee Solutions