By Elizabeth Zach, RCAC staff writer
Young Americans – those born between the early 1980s and 2000s, often referred to as millennials – are finding it increasingly difficult to buy homes today, and according to recent data, they cite debt management and the higher cost of living as impediments.
“Millennials are living completely differently from the previous generation – they’re delaying marriage and embracing a more balanced lifestyle,” says Robert Lo, executive vice president and head of commercial and real estate banking at East West Bank. “Millennials have the mind-set of enjoying more of the present and may not be as eager to save for the future.”
According to Radpad, a mobile rental app service, among 20,000 millennial renters surveyed earlier this year, 40 percent are renting an apartment with a married or unmarried partner. The Pew Research Center also found that nearly 50 percent are cohabiting with one or more roommates.
Experts also point to inadequate housing and location as affecting millennials’ decisions to live in smaller dwellings in city centers instead of larger homes in suburban areas.