Redfin reports homeownership rates for Millennials is 42 percent, compared with 65 percent for the total U.S., with rates highest among Millennials with an Associate college degree or higher. Among Millennials who do not currently own a home, 92 percent say they plan to purchase in the future.
Millennials who plan to purchase their first home reported the same reasons for putting off home buying as other age groups: having too much debt (17 percent), still saving for a down payment (13 percent, and not being able to afford where they want to live (12 percent). But Millennials also indicated a desire for financial flexibility as a barrier to buying a home more than any other group (15 percent); they say they don’t want to be tied down with a mortgage. Thus while Millennials have clear ideas about what they’re looking for when it comes to home ownership, they aren’t necessarily prepared to make the financial commitment.