As of the second quarter of 2016, only 34.1% of millennials are homeowners, according to the U.S. Census Bureau’s Housing Vacancy Survey. These low home-ownership rates have been attributed to high prices, enormous student loan debt, and strict credit requirements for mortgages – but they may also tie in with a millennial fear of commitment, says Clare Trapasso of realtor.com.
According to a recent NerdWallet survey, 20%of respondents between the ages of 18 and 34 were likely to be afraid of the long-term commitment of buying a home with a partner, while only 4% of respondents 35 and older had the same fear. Other fears across all age groups included home repairs, budgeting for expenses, and the financial scope of a mortgage and down payment.
“Home buying is a pretty big commitment. For most folks, it’s probably going to be one of the biggest purchases they’re ever going to make in their financial lives,” says Chris Ling, NerdWallet’s head of home buying and mortgages. “It’s not as simple as if you split up, one person can stop paying” the mortgage.