Millennials may be all about the sharing economy, but when it comes to housing they seem to want a home to call their own. A recent survey shows that 81% of millennials (age 18 to 34) in the Bay Area still want to buy a home, according to the American Modern Insurance Group. In contrast, only 68% of Generation X believes so, compared to 72% of those who are 65 years old and older. On the Block staffer Emily Landes talks to experts and explains the phenomenon. Landes writes,
“Millennials seem to value the importance of homeownership in large part because they want to find financial security and make sound investments,” said Michelle Mayhall, Marketing Analysis Team Supervisor at American Modern. “Millennials are less interested in making rental payments and more optimistic in building home equity.”
Mayhall pointed to additional survey results that support this analysis, with more than half of millennials viewing homeownership as a better financial investment than renting. More than a quarter of millennials also said they view owning a home as a more stable option than renting.