New statistics show a growing trend that millennials are renting homes instead of buying.
The U.S. Census shows a 9% decrease in the amount of homeowners under the age of 35.
Millennial home ownership has now dropped to around34%.
Some millennials told us they’re not surprised, because of the burdens upon them after graduation.
There are a lot of millennials with student loans. They spend so much time paying that back and they have such a high debt that they don’t really want to pay off another debt after that.
Millennials also like to keep their options open.
A lot of people are going from job to job or they have a job that moves around a lot. In these cases no one really wants to lay down roots.
It could be just a fear of commitment as well. It’s a thirty year commitment for a home. Some millennials have turned to renting apartments as an alternative to buying.
Low cost, utilities, and the flexibility to live where you want, and no home maintenance are all benefits to renting an apartment in Lynchburg, VA.
Another reason for the decrease in homeownership could be because a lot of millennials aren’t at a prime home buying age, with the first batch of them only being eligible to buy starting in 2008, when the market was bad.