Most Millennials Compromise for Housing

A majority of millennials say they’ve had to make compromises in order to find affordable housing. For 43 percent, that means they have put off saving for the future and 41 percent say they’re living with a roommate to curb costs. Thirty-six percent say they have had to move further away from school or work in order to find something affordable, according to a new survey of 1,000 Americans aged 18 to 34 conducted by the NHP Foundation, a not-for-profit provider of affordable housing.

Sixty-nine percent of millennials are considered “cost-burdened,” which means housing costs eat up more than 30 percent of their income. That said, 67 percent of “cost-burdened” millennials say they are saving for the future purchase of a home, 20 percent are delaying getting married or having children, and 17 percent say they also are putting off paying for preventative healthcare.“This group mirrors much of society, which is also frustrated by the lack of affordable housing and seeking rental options,” says Richard Burns, CEO of the NHP Foundation.

Not surprising, therefore, 63 percent of millennials say that affordable housing is “very important” to them, the survey showed.

Source: “76% of Millennials Make Housing Compromises,” BUILDER (Oct. 27, 2016)