The $700,000 Mistake Nearly 6 in 10 Millennials May Make
Via Catey Hill at Marketwatch.com.
Most millennials say they’d rather rent than buy a home — a decision that could cost them more than $700,000 over the course of their lives.
Nearly six in 10 millennials (59%) say they’d rather rent a home than buy one, with just one in four saying they are either very or completely likely to purchase a home in the next five years, according to a survey of 1,300 millennials released this week by EliteDaily and Millennial Branding. (This anti-home-buying trend can already be seen: Currently, only about one in four millennials own a home, down from about one in three in the mid-70s and early 80s, according to data from the Demand Institute.) That’s “bad news for the real estate industry,” the report concludes. Read more.