A Route 50 article (2018-11-26) reported on the results of a recent survey which found that millennial home ownership rates are increasing despite continuing financial burdens from student debt. The survey was conducted by the company Research Now on behalf of the professional services firm Ernst & Young LLP. From the article:
But a report about the results also points to estimates indicating that 80 percent of people in this age bracket say student loans have forced them to delay homeownership. The poll found 40 percent of millennial respondents now own homes compared to 26 percent in 2016.
Across the two years, the share of millennial renters was steady at 43 percent, while the proportion living with their parents dropped to 16 percent from 30 percent.
Fifty percent of those surveyed were either paying off, or planning to take on, student debt in 2018, down slightly from 53 percent in 2016.
The article noted that while homeownership rates are increasing, millennials still trail previous generations. The survey also looked at a wide range of other topics as well, including employment and economic outlook.
Learn more about emerging land use and growth issues at the MACo 2019 Winter Conference panel A Chat with the Smart Growth Subcabinet. The panel will take place on Wednesday, January 2, 2019, from 10:00 am – 11:00 am.
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