Millennials are already the largest generational group of homebuyers in the market at 35 percent, but that number hasn’t even scratched the surface yet as many Millennials are still burdened by student debt, rising home prices, and tight credit to even start the process of buying a home. That doesn’t mean they aren’t thinking about it, though.
In the latest Housing Opportunities and Market Experience Survey, 96 percent of buyers aged 34 and under answered that they wanted to buy a home in the future, the Economists’ Outlook blog reports. Nationally, 85 percent of Millennials believe buying a home is a good financial decision and 88 percent believe homeownership is part of their American dream. While 27 percent are currently homeowners, 48 percent still rent and say affordability issues are the main hindrance to buying.
While regional attitudes don’t vary all that much, there are still a few things of interest to note. First, regardless of region, there is only a 2 percent difference in the portion of Millennials who believe buying a home is a good financial decision; 84 percent of Millennials in the Northeast and Midwest, 85 percent in the South, and 86 percent in the West.
There is slightly more variance in the percentages that believe homeownership is part of the American dream. The Midwest has the lowest number of Millennials who believe you need to be a homeowner to live the American dream at 84 percent. The Northeast comes next at 88 percent, followed by the West at 90 percent. Finally, Millennials in the South believe most firmly that homeownership is an integral part of the American dream at 91 percent.