A few weeks ago, Bisnow conducted a survey to find out what Millennials really thought about their housing situations. The results were enlightening.
First we asked: If you were born between 1981 and 1996, what's your housing situation? The results were pretty mixed:
37.5% rent an apartment
12.5% rent a home
34% own a home
16% live with their parents
This jives with Morgan president Alan Patton's statement that he was still seeing a lot of young people signing leases in the urban core.
The second question was significant and the answer was perhaps surprising: What's your five-year housing goal?
80% say they'd like to own a home
10% would like to be renting a house
Only 10% want to be in an apartment.
While it’s tough to divine the why from these numbers, it's significant that such a low number have apartments as even their short-term goal. It would appear that apartments are a life phase that's just lasting a little longer, not a change in ideals for this generation.
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