Millennials Delaying Home Ownership Unlike Other Generations

9:30 PM, Sep 24, 2013   |    comments
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GREENSBORO, N.C. -- Statistics show that the millennial generation is opting to rent instead of buying a home.

Millennials, a definition from Merriam Webster: A person born in the 1980s or 1990s.

A definition from Urban Dictionary: Born between 1982 and 1994, this generation is something special, because Mom and Dad and their fifth grade teacher told them so. Plus they have a whole shelf of participation trophies sitting at home so it has to be true.

Millennials have all kinds of stereotypes and now, WFMY News 2's Liz Crawford found another one to add to the list. They're longtime home renters.

"If I was going to be married. Maybe I'd want to get my own piece of land or something like that, but most people are just doing what I'm doing," said Adam Clayton.

Adam rents an apartment in City View, a complex in downtown Greensboro. He's an accountant who graduated from UNCG a few years ago. At 24, Adam is a millennial renter and he's not alone.

"They're not afraid to get up and move some place completely different so as a result they want to be in an environment that they can easily move," said Kelly Marks, a realtor with Re/Max Greensboro.

According to a USA Today analysis of Census Bureau data, between the years of 2006 and 2011, 25 to 34-year-old renters increased by more than 1 million. The number who owned dropped nearly 1.4 million.

Millennials like having flexibility, knowing they can easily move for a job. Plus, city living with all the fixings is appealing to young professionals.

Adam Clayton said, "If I want to go to the gym, that's here. If I want to go swim, we've got the pool, the clubhouse is a good space to entertain."

Turns out, the delay in home ownership isn't hurting the market. Realtor, Kelly Marks, says there is a generation looking to buy. They're just slightly older than what we saw in previous generations.

Trulia survey found that 94 percent of renters ages 18-34 plan to buy a home someday.

The millennial trend brings a new option home owners should consider.

"Many people have refinanced and really renting isn't a bad option for a home owner because they're cash flowing out very close to what the mortgage is or maybe even a slightly positive cash flow," said Marks.

And for millennials, it might not be the white picket fence, just a new definition to the American dream.

"We're living good right now. I have a little money left over at the end of the day," said Clayton.

WFMY News 2, USA Today, Census Bureau, Trulia

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