Homeownership? A ‘Distant Dream’ for Most Millennials

Nearly half of all non-home-owning Millennials say they are saving for a house of their own, while 12% said they have abandoned any plans of ever being a homeowner, according to a new study.

The study, conducted by Legal & General Group, found that of the 48% of non-homeowner Millennials who are saving for a down payment:

• 55% of those who are saving can’t afford to buy yet
• 12% of Millennials abandoned their plans to buy a home
• 13% of Millennials considering a COVID-driven move want to be nearer to family; 8% wanted to move away from family
• The attitude of many is “Thanks, Boomers”

The findings were revealed in the fourth part of a broad new study conducted by Legal & General Group titled “U.S. Millennials and Home Ownership – A Distant Dream for Most, is released, diving into the deeply-held grudge millennials hold against Baby Boomers in particular for thwarting their home buying plans.

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