Economists say it's time to pay close attention to this demographic for one important reason: It represents a massive consumer group numbering roughly
92 million that's now entering its peak spending and home-buying years (ages 25 to 45).
The problem is that many millennials aren't sold on the idea of buying a home. According to a
survey published in January by Millennial Branding, 59 percent would rather rent than buy a home and only 25 percent said they were likely to purchase one in the next five years.
Here are some of the reasons they are citing:
Signs millennials might be ready to buy
rental rates continue to climb at a hefty clip, older millennials could finally be losing their patience and might be ready to buy, even if it means moving to the suburbs.
"This cohort may split, with their childless counterparts remaining in an urban environment, while those millennials with children could head to the suburbs in search of what some view as a more traditional education-driven lifestyle," said Matt Galligan, President,
CIT Real Estate Finance.
Ultimately, the decision to buy may come down to whether millennials can make the long-term commitment.
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