Magazine article Journal of Property Management

Majority of Boomers, Millennials and Gen Xers View Renting as More Affordable Than Homeownership

Magazine article Journal of Property Management

Majority of Boomers, Millennials and Gen Xers View Renting as More Affordable Than Homeownership

Article excerpt

MultifamilyBiz.com

Despite rent increases and feeling burdened by their finances, a new Freddie Mac survey shows that 70 percent of renters currently feel renting is a more affordable choice than homeownership. Furthermore, 55 percent plan to keep renting in the next three years. In terms of age demographics, the views are similar with 70 percent of Millennials, 61 percent of Generation Xers, and 73 percent of Baby Boomers thinking that renting is a more affordable option for them. The Freddie Mac survey was conducted during the first two months of this year. Researchers found that the most popular reason for younger Millennials to rent is that doing so allows them to save money (42 percent), followed by it being their best option for their current lifestyle (39 percent). Gen Xer's top reason is that renting provides them freedom from home maintenance (28 percent), followed by not wanting the responsibilities of owning a home (24 percent). …

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