Homeownership a higher priority for millennials than travel, marriage, children
Homeownership is the biggest priority for millennials, according to the latest Bank of America Insights Report. A little over 70 percent of those surveyed said homeownership is their top priority, outranking traveling (61 percent) getting married (50 percent) and having children (44 percent).
“This fall’s report finds that millennials are redefining life’s priorities by placing homeownership above nearly all other key milestones, including marriage,” D. Steve Boland, head of consumer lending at Bank of America said in the report. “Millennials equate homeownership with personal and financial success, and it’s encouraging to see this generation aspire to homeownership.”
However, renters were split between renting or buying. The age-old debate found 51 percent of renters believed renting is just as or less expensive than buying a home. But those that believed renting is more expensive were in the minority. While both sides are split, nearly seven in 10 said their rent will continue to rise each year or every other year. Nearly half of renters said 30 percent of their monthly income goes to rent.
The report also found over half of renters disliked rising rental costs and felt like they were throwing away money. Forty-four percent of renters said they did not have enough