November 21, 2019
The share of Millennials who plan to “always rent” rather than buy a home is on the rise, Apartment List says. Nationally, the online renting platform’s latest survey of Millennials found that 12.3% of respondents say this, up from 10.7% a year ago. The percentage is even higher in some metro areas.
Apartment List suggests that a lack of desire for homeownership isn’t the root cause—it’s a lack of funds for a down payment. Just 13% of Millennials will be able to afford to put 20% down within five years, according to Apartment List, which also cited stagnation in down payment savings and lower expectations for financial help from family members.
Among Millennials who don’t plan to buy a home, “69% say they will always rent because they cannot afford not to, compared to just 40% who cite the benefits of a more flexible lifestyle,” says Apartment List.
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