Although home rent costs are expected to rise by more than three percent this year – marking a 14-percent overall increase since 2010 – and mortgage interest rates have remained low, many young Americans are still choosing to rent over buying.
“Millennials are getting married later in life than previous generations and a sense of urgency to purchase comes with stability, marriage and growing families,” Joan Kamens, a real estate agent for Coldwell Banker Hearthside told CNBC.
Another factor to take into consideration as well is that the attitude toward long-term commitments is also in flux.
“Many millennials have been burned or felt trapped by contracts (cell phones, cable, even student loans) and are shying away from long term commitment,” Neeta Mulgaokar, a real estate agent with Mirador, added. “They will pay more to avoid it all together.”
Image via flickr/Charleston’s The Digitel