Markets & Economy

Millennials’ homeownership dreams are alive and well

Survey: 70 percent of millennials who don't own homes expect to by 2020

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Nearly all millennials, the largest generation in U.S. history, expect to be homeowners, according to a new report from the Urban Land Institute based on a national survey of 1,270 members of the group conducted in November. The group includes U.S. residents ages 19 to 36 and totals nearly 79 million. They're just beginning to come into their own, and their take on homeownership and renting will have big effects on the future of real estate. Of the 74 percent of millennials who currently do not own homes, more than two-thirds (70 percent) said they expect to by 2020. Most said they expected to use savings for their down payment. But, as a whole, millennials' homeownership outlook is not all that rosy, with less than half saying they feel that homeownership is a good investment. The study's authors suggest that this demographic group may be gun-shy on this aspect of homeownership because of the recent significant housing collapse. Not surprisingly, a big chunk of millennial...