Survey: 76% of Millennials Have Made Compromises to Find Affordable Housing
New research finds that many individuals aged 18–34 stay at home longer and opt to rent due to high cost of housing and changes in lifestyle priorities.
New York, NY— As the issue of housing continues to be hotly debated, one group in particular has had to compromise in order to find suitable living situations that are also affordable: America’s millennials. According to a new survey of 1000 Americans aged 18–34 from The NHP Foundation, a not-for-profit provider of service-enriched affordable housing, a majority of millennials have had to delay or rethink traditional ideas of the “American Dream” of home ownership. The survey’s highlights include the following: 76% of millennials have made compromises in order to find affordable housing. Seventy-six percent of respondents said that they have made housing compromises in order to find something affordable. Of those who admit compromises, 46% say they live with parents or family; 43% say they have put off saving for the future; 41% say they live with a roommate; while 36% say they have had to move further away from school or work to find something affordable. Thirty percent have said they have put off home ownership entirely. “Millennials, America’s largest generation , already saddled with record-breaking student loan debt , no longer think homeownership is in their future,” said Richard Burns, CEO of The NHP Foundation. “This group mirrors much of society, which is also frustrated by the lack of affordable housing and seeking rental options. Working to solve this problem is NHPF’s primary mission.” 69% of millennials are “cost-burdened.” Affordable housing is housing for which occupants pay no more than 30% of their income. Those who spend more than that on rent or a mortgage are considered “cost-burdened”, and over 69% of millennials put themselves in that category. Of those who describe themselves as “cost-burdened,” 67% say they are saving for the future purchase of a home; 20% say they are delaying getting married or having children; and 17% are putting off paying for preventative healthcare. 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.”
THE NHP FOUNDATION SURVEY COMPENDIUM
Powered by FlippingBook