More millennials plan to rent forever, can’t afford to buy a home
Below is a snippet from BusinessInsider.com that discusses why millennials aren’t planning on buying a house anytime soon. They are burdened with student-debt and skyrocketing home prices are forcing millennials to rent.
Just over 12% of millennial renters plan to “always rent” — more than the 10.7% that said the same last year, a new Apartment List survey found. The survey polled more than 10,000 millennial renters in the US.
The majority of this cohort — 69% — said it’s because they can’t afford to buy a home. Affordability is why many millennials have been renting longer and buying later than previous generations.
Housing prices have been climbing steadily — first-time homebuyers are paying 39% more than they were nearly 40 years ago, according to Student Loan Hero. And only 13% of millennial renters across the US will be able to afford a traditional 20% down payment within the next five years, the Apartment List survey found.
