Those pesky Millennials are at it again, going against the grain and throwing off everything we thought we knew about consumer and lifestyle trends. It wasn’t too long ago that the homeownership rate in the country reached its highest level ever. Now, however, it has fallen to match its all-time low, and may drop even more in the coming months, according to CNBC.
In the second quarter of this year, the rate dropped to 62.9 percent, the same rate as in 1965 when the metric was first tracked. In the mid-2000s the rate climbed as high as 69.2 percent.
So, why are Millennials to blame? Well, they have been delaying home buying at record levels and have the lowest ownership rate of their age group in history. Millennials have also put off major life choices such as marriage or parenthood until later in life, which are two of the primary reasons people make the decision to purchase a home.
But while the homeownership rate is declining, the rental market has been strong, a sign that renting may no longer be just for those in a transition period who are just starting out on their own. People, especially Millennials, may be starting to look at renting as a viable long-term option.