NHPF Affordable Housing & Social Mobility Survey Compendium

Nearly one-third plan to continue renting and/or living at home, 50% prefer renting to ownership. Sixteen percent said they plan to continue renting and 12% say they plan to continue living with their parents or family. Of the respondents who said they plan to continue renting, 57% said they will continue to do so because the “expenses of home ownership are too great.” Despite some renters forced to do so by high costs, some respondents prefer renting to ownership. Fifty-one percent said they will continue to rent because of the location of their rental and 31% said that their “mobile professional life” (defined as “frequent moves necessitated by climbing the career ladder”) was more conducive to being a renter. On the other hand, 61% of those who plan to continue living with parents or family said that they will do so because the expenses of home ownership are too great; 53% said that location was the primary reason; while 31% said they would continue to do so because of their “mobile professional life.” “The contrast between Gen Y’s housing goals and that of previous generations is stark,” said Burns. “In order to meet demand for quality rental options, a combination of public, private and government entities need to make sizeable investments in the country’s housing infrastructure.” Affordable housing top social issue for millennials. Sixty-three percent of respondents said that affordable housing is “very important” to them, with 50% saying that beyond their own situation, affordable housing is a very important social issue. Fifty percent of respondents also said that they would be “very likely” to give to affordable housing causes by volunteering time (60%), attending events (50%), championing the issue on social media (36%) or contributing money (32%). “Millennials are already well known for their social consciousness and attention to ‘pet’ causes,” said Burns. “To see that the need for affordable housing for all resonates with this group is gratifying.” Burns continues, “Creating programs that encourage millennial participation is a key objective of NHPF moving forward.”

THE NHP FOUNDATION: THOUGHT LEADERSHIP

17

Powered by