American millennials may not be buying homes just yet, but a Census Bureau survey shows that almost 90% want to be homeowners and a survey by rental website Zumper shows that 71% still consider home ownership to be a part of the American dream. CNBC staffer Nicole Audrey explains that while many millennials are not currently in the position to buy homes, this does not mean that they have abandoned this aspiration altogether.
One factor: Millennials appreciate not being tied down to a single place:
"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."