Home ownership is expected to spike in the next 5 years:
Bottom Line: Gallup's latest work on home ownership rates once again affirms research that I began several years ago. Millennials aren't any different than their parents or grandparents when it comes to wanting to own a home. As a result we have a lot of catching up to do in future years. Here are the key takeaways from the latest research:
- 49% of those renting want to buy a home within the next 5 years
- 69% of those renting want to buy a home within the next 10 years
As was always the case - the issue for Millennials waiting longer to start typical family formation was economic. With Millennials coming of age during the Great Recession - they commonly got a late start on their career. We continue to see that once a person is in a career field and financially stable - home and car ownership rates are as they were before.