A recent survey of prospective prospective renters by apartmentlist.com reveals that 79% of millennial renters intend to one day buy a home, but affordability is their greatest barrier. New Geography staffer Wendell Cox takes a look at the results of this survey a which markets had the greatest affordability barriers, the West Coast, New York and Miami.
The survey shows that the percentage of prospective home owners is above the the current percentage of home owners (64%). It also showed that millennials have a strong preference for home ownership in markets with depressed home ownership rates:
In 2015, Los Angeles had the lowest home ownership rate of any major metropolitan area, at 49 percent, yet 76 percent of the area’s Millennials intend to own their own homes. In New York, with only a 50 percent home ownership rate, 74 percent of Millennials plan on buying their own homes.