It has been well reported that Millennials are commitment phobic – to jobs, to relationships, and to homeownership. Conventional thinking says even financially viable Millennials are often renters by choice because they share a different American Dream than the previous generations and they don’t want the hassle and responsibility of owning a home. But ValueInsured believes their attitudes deserve a second look.
A recent survey of American homeowners and renters released by Harris Poll on behalf of ValueInsured found that while Americans embrace the dream of homeownership, the possibility of losing a hard-earned down payment is discouraging them from buying. More than half (55 percent) of renters are confident they will get their down payment back if they were to buy today and have to sell in the next 2-7 years.
About half of renters are likely to purchase a home in the next two years due the rising cost of rents. While the survey finds that $1,100 per month in rent is the tipping point where a renter will look to buying a home, taking the worry out of the process means solving affordability and making it an easier, fairer process.
