Millennials are now getting to the point where they’re settling down and considering big-ticket purchases, the main one being a home. According to Bloomberg Business, by about 2020, they will represent the majority of the workforce with an annual spending of $400 billion, and even though they seem to still value the idea of home ownership, don’t go ahead and assume they will go about it the same way their parents did.
This generation grew up right in the middle of the perfect storm that was the Great Recession. Because of this, they seem to be more careful with their spending decisions, especially incredibly large ones. With a somewhat cautious mindset as a result of stagnant wages, rampant unemployment and lingering memories of the housing crisis, Millennials seem to be opting for rentals over home ownership at the moment.