A majority of millennials are making compromises to secure affordable housing, including renting and staying at home longer, a recent survey by The NHP Foundation reveals.
More than three-quarters (76 percent) of millennials have compromised for affordable housing, according to the survey’s findings, with 46 percent of respondents living at home with family, 43 percent putting off saving for the future, 41 percent living with a roommate, 36 percent moving further away from school or work, and 30 percent putting off homeownership entirely.
A less significant percentage of respondents, however, reported planning to continue renting or living with family—16 percent and 12 percent, respectively. Though 69 percent of respondents reported feeling “cost-burdened” when it comes to housing, spending more than 30 percent of their income on a mortgage or rent, a near-identical portion (67 percent) are saving for the future purchase of a home.
Affordable housing remains a top “social issue” from millennials, as well, according to the survey’s findings. Fifty percent of respondents reported housing as a “very important” social issue, and “very likely” expect to support affordable housing causes by volunteering time, attending events, championing the issue on social media or contributing money.
These findings come as first-time homebuyers led a strong September of sales, attaining a 34 percent share for the first time in four years, the National Association of REALTORS® (NAR) recently reported.
For more information, please visit nhpfoundation.org.