Survey: Most Millennials Prefer Homeownership Over Renting

Survey: Most Millennials Prefer Homeownership Over Renting

March 19, 2019
Half of U.S. adults believe homeownership is the most affordable housing option while 26 percent believe renting is more affordable and 24 percent are not sure which is best
The split among Millennials between homeownership and renting is narrow, but a slender majority identify as homeowners, according to a new study from LendEDU.
In a survey of 1,000 Millennials, 49 percent identified as either owning a house or an apartment that requires a mortgage and 40 percent identified as renters, with the remaining in a living arrangement with their parents–and the 60 percent of Millennials that live at home with their parents or guardians are doing this due to financial constraints. LendEDU also found the average Millennial spends $1,476 on housing expenses each month and an additional $1,832 on non-housing expenses.
Nearly one-quarter of the Millennial respondents felt they will be less wealthy than their parents in their lifetime, while a majority of those surveyed were under the belief that one must make between $101,000 and $250,000 annually to be considered “wealthy.”