There are numerous reasons why Millennials are choosing renting over buying.
Curious why millennials are choosing renting over buying? According to Inman, “The rental listing site’s 2021 Millennial Homeownership Report found that, in 2020, 18.2 percent of millennials who don’t currently own homes expected to always rent, up from 12.3 percent in 2019 and 10.7 percent in 2018. Millennials are the largest generation and the report pegged their age range as 24 to 39.”
Further, “A 2013 Gallup poll indicates that getting married and having children are goals millennials pursue, but not with the immediacy of previous generations. A significantly larger percentage of millennials are delaying marriage and taking time to discover what they want out of life. They admit to feeling less pressure to make a lifelong commitment to a particular lifestyle, which may play a role in the decision to postpone home purchasing.”
With home sale prices trending very high in Arlington and Fairfax Counties, now is a good time for metro-area property owners to consider the long-term prospects for their home. The good news for Northern Virginia landlords: The current population of young professionals under the age of 34 is, increasingly, choosing renting over buying.
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