Lizeth Beltran, Crain's New York Business
Millennials have been blamed for killing a number of industries — from cereal and fabric softener to Applebee's and department stores. And yet even though they are also considered responsible for killing homeownership, millennials still aspire to own homes. But the percentage is shrinking.
In a new survey conducted by Apartment List, nearly one in five millennial renters said they expect to rent indefinitely.
In the New York metro area, 14.8% of millennials said they expect to rent for the rest of their lives.
One of the major obstacles is affordability. The down payment is the biggest barrier for many millennials. Nearly half of these renters surveyed who plan to buy a home have no down payment savings, and only 10% have more than $10,000 in down payment savings.
And for some millennials of color, the road to homeownership is even more difficult. Read more.