Are millenials buying homes?
Jeremiah Jensen | housingwire.com
People talk about how the American Dream of one day owning a house is still something that Millennials want and are actively pursuing, and that still appears to be true, but for many Millennials that dream is dying, dead or undesirable.
The recipe for the Millennial American Dream goes something like this: owning a home, being debt-free, retiring comfortably, pursuing passion. But, according to Bank of the West’s annual Millennial Study, only 54% of Millennials believe that the American Dream is attainable, and nearly a quarter of Millennials say they’ve given up on their dreams of homeownership.
With prices on the rise, homeownership has become increasingly difficult for Millennials. The majority of Millennials are still renting or staying with friends or family, and only 42% own a home. According to the report, 46% of Millennials rent, 42% Millennials own, 11% stay with parents or family and just 1% stays with friends.
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