Don’t call them millennials: Call them renters.
According to a survey from the folks at loan marketplace LendingTree, only 43.4 percent of college-educated millennials ages 24 to 35 own a home. When asked “What would allow you to consider purchasing your first home?” 67.4 percent said they’d need more income. Roughly a third want to move somewhere they like better before buying, 28.7 percent want to pay off student loans before becoming homeowners and 25.7 percent want to put off owning a home until they’ve traveled, invested or went on charitable missions.
That all lines up with previous data indicating that millennials don’t trust banks, are completely averse to investment risk and would rather invest in improving the world than amassing goods for themselves.
But LendingTree’s survey — conducted online in September with the help of 1,009 respondents ages 24 through 35 with at least some college education and an annual household income of at least $25,000 — goes off the rails a bit by suggesting that only 4.4 percent of non-homeowner millennials have no interest in ever owning a home — a result likely skewed a bit by being conducted through a lending site. Even LendingTree itself acknowledges that interest likely isn’t all it could be.
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