Tuesday, November 19, 2019

Only 4% of millennial renters in Nashville metro expect to rent forever.

From Apartment List - Millennials have been blamed for destroying a wide array of industries, from tuna to doorbells, but what can we expect from millennials in the coming years of the Nashville real estate market?

Apartment List’s 2019 Millennials & Homeownership Report  analyzes the attitudes, expectations, and actions of over 10,000 millennial renters in the U.S. 

We find:
  • 4% of millennial renters in Nashville metro expect to rent forever. But of those who expect to purchase a home, 53% have not yet started saving towards a down payment.
  • At current savings rates, just 25% of America's millennial renters will be ready to put down 10% on a median-priced starter home in the next five years.
  • Forgiving student loan debt would be a major boon to millennial homeownership. If debt payments were instead put towards savings, we estimate the percentage of the nation's millennial renters ready to buy a home would rise from 25% to 39%.
  • To cope with high costs, some millennial renters look for down payment support from family. But millennials are expecting less support this year ($9,000) than last year ($10,000).

70% percent of renters say affordability is the reason they have not yet (or will never) purchase a home. Furthermore, student debt continues to be a barrier and millennials are expecting lower levels of financial assistance from parents than in prior years. 

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