USA Today has a good article about a trend that folks in the apartment industry have noticed over the past couple of years: the hesitance of Millennials to become home buyers.
For many Americans hard hit by the recession or dealing with large student loan debt, the idea of renting indefinitely has become appealing. No mortgage to pay off, a living space that comes with built-in amenities, and a landlord who takes care of upkeep and maintenance.
This may be particularly true for the country’s youngest adults, who are delaying homeownership and for whom taking on a mortgage is seen as one more debt to pay off. From 2006 through 2011, 25- to 34-year-olds experienced the largest decline in homeownership compared with any other age group, according to a USA TODAYanalysis of Census Bureau data. Among households headed by 25- to 34-year-olds, renters increased by more than a million from 2006 to 2011, while the number who own fell nearly 1.4 million, the analysis shows.
Today’s young adults are not only delaying homeownership, they’re delaying many of the life events that often come with homeownership, including marriage, children and settled careers. The flexibility to be able to pick up and leave an apartment building or city for a job can be crucial.