A whole generation of young Americans seem to have adopted a set of priorities quite different to those of their elders. Millennials or Generation Y, those Americans born between the early 1980's and the early 2000's are putting education at least temporarily, ahead of major life events such as marriage and homeownership. According to CorelLogic's Deputy Chief Economist, the Great Recession figures into this equation as well.
The rates for Millennials stands at 37.9%. This is nearly 14% below the rate for Baby Boomerrs, born between 1946 and 1964, at the same life stage.
Marriage often drives the desire to own a home. Each successive generation is marrying later. When surveyed in 2013, 26% of Millennials between the ages of 18 to 32 were married, down from 36% of Generation X, born in the years between the Boomers and Millennials, and 48% of Boomers of the same age.
The Great Recessions has also had an affect on the Millennials. This has hampered them economically, not making as much as earlier generations. This along with increasing student debt, has hampered Millennials from achieving homeownership. This puts more emphasis on entry level affordable homeownership, such as condos.
Unlike their predecessors, only a minority of Millennials are homeowners. Perhaps a more apt nickname for this generation is not Generation Y, but Generation R, or Generation Renter.