DES MOINES, Iowa – A report released Tuesday by Apartment List shows 74% of millennials in the United States do plan to purchase a home in the future, but about 53% are waiting until after 2018 to do so.
The report surveyed 5,844 millennial renters nationwide at a time when home-ownership for Americans under age 34 is at the lowest point in the past 30 years. The report shows only 9% of millennials expect to always rent, and 17% are unsure. Age and marital status play a big role in whether a millennial plans to purchase a home in the future. Expensive cities have lower plans for home-ownership and expectations vary by geography. Austin, Denver, Atlanta and Washington, D.C. rank as the top metros for millennials who plan to buy. Expensive cities, like San Jose, San Francisco, Boston and New York rank in the bottom of cities with millennials who plan to buy a home.
Out of the 40 states participating in the survey, Iowa ranks 25th with 72% of millennials expecting to purchase a home in the future.