Millennials are presented with Rent. vs. Buy charts all the time, but the factors that are leading them to rent instead of purchasing homes are not what most would believe them to be.
Studies show that Millennials are choosing to hold off on buying because on misguided perceptions of their own financial situation as well as the status of the current housing market.
In fact, 57% of millennials cite financial reasons for not buying a home. Namely, the issues millennials perceive revolve around Credit, Closing Costs, Monthly Payment cost, and their current Debt-To-Income Ratio.
It turns out that perception is more powerful than reality among reasons millennials cite as stopping them from homeownership.
Why? Because millennials make up a historically large segment of our population, and as mentioned above, most are waiting to buy.
Many millennials are financially prepared to make the switch to homeownership, despite perceptions that they are not.
With home prices and mortgage rates primed for an increase in the near future, it's a good time for millennials to be buying homes.
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