New Study Debunks A Common Millennial Myth

New studies published by Zillow and Harvard University provide data contrary to the traditional stereotype that Millennials (those aged 18 - 35) prefer to avoid home ownership and instead rent.

Census data and the Department of Housing and Urban Development found most stereotypes associated with Millennial home buyers were not true. Misconceptions include that millennials want to live in urban locations, prefer the flexibility of renting, and are unwilling to take on the financial risks of ownership in the wake of the housing market collapse.

But that's just not true. Basing their home decisions on affordability, not proximity to entertainment or work, young buyers are no longer favoring experience over building equity. With Millennial home ownership rates being 5% higher in metro areas where median home prices were 20% below the national average, it's clear that if millennials could afford to buy a home, they would.

But nationally, the home ownership rate for those under 35 hit an all-time low of 31%, according to the census. That's down from 43% in 2005.