A recent national survey from Experian reveals that millennials are increasingly opting out of homeownership, the Washington Post reports.
“More than any other age group, millennials are not planning to buy a home any time soon,” said Sandra Bernardo, manager of consumer education at Experian. “In our survey, 34 percent of people in the 18-to-34-year-old age group indicated homeownership is not in the cards for reasons such as wanting to be more flexible to relocate, not wanting to carry as much debt and avoiding home maintenance responsibilities.”
Consumers who were surveyed cited low inventory and high costs as reasons they would continue renting. Many also struggle to finance purchases; 43 percent of those surveyed said their applications for home loans were turned down.