Although Millennials seem to be taking over the housing market, nationally, 12.3% of Millennial renters say they plan to keep renting.
Last year, 10.7% said they plan to always rent, up over 2%, a study from Apartment List said.
For most, being able to make a down payment is the biggest struggle when it comes to purchasing a home.
In fact, nearly half of Millennial renters have no down payment savings, according to the study.
Another major barrier for this generation? Student debt. Even those who are debt-free are only saving about $100 more a month than those who have the burden of paying off loans.
Almost half of Millennials with no college degree have $3,221 saved for a down payment, while 50% with a college degree and debt have $8,200 saved for a down payment.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.