A generation of home-buyers aren’t being represented as the housing market continues to surge.
Millennials are the largest age group not purchasing homes.
John Burns, a real estate consultant, conducted a study that showed home ownership falling across all age groups for the last seven years, but the Millennial generation marked the largest drop.
Since the housing collapse of 2009 home ownership among ages 25 to 34-years-old is 39 percent.
Burns expects this rate to fall even more over the next decade.
“Millennials appreciate the flexibility of being transient or living in areas with great amenities but a high cost of living, so owning is next to impossible,” said Erin Lowry, founder of Broke Millennial. “People prefer not to get saddled with a mortgage payment if they might move in a few years.”
Millennials are also proud to be redefining the American Dream, Lowry suggested.
“The traditional white picket fence with 2.5 children may no longer be the gold-standard, but the notion of being able to take control of your destiny and create your own success is strong in the millennial generation,” said Lowry.
“You’re seeing a rise in entrepreneurship and people looking to create the jobs they want and trying to balance it with a more idealized version of their lives instead of sticking with one company for 40 years and retiring to Florida with a comfortable pension.”