Cash is king: Millennials shy away from investing in real estate

Debt has delayed homeownership

TRD NATIONAL /
Jul.July 26, 2018 11:00 AM

A millennial stashing money into her mattress (Credit: iStock)

Millennials would rather hoard cash than invest in real estate.

Saddled with student loans and facing rising home prices, only 22 percent of millennials see real estate as an ideal investment, according to Inman. Savings accounts and other cash instruments are seen as the best option, the report said, citing a Bankrate survey.

Real estate still ranked above gold and other precious metals — as well as cryptocurrencies. The findings are a departure from older generations that preferred real estate and the stock market, the report said.

Dealing with debt has delayed homeownership for many millennials. The average millennial waits 12 years before buying their first house — paying out a little more than $200,000 in rent in the meantime — according to a previous report.

Between 2000 and 2010, about 234,000 millennials moved to New York City, prompting a surge in rental development. Overall, more than 18 million millennial-led households are renting — more than any other group. [Inman] — Meenal Vamburkar

 

Related Article

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Aggressive iBuyer Opendoor acquires title and escrow company

Here are 5 takeaways from TRD’s deep dive into Eklund-Gomes’ national expansion

Nashville broker posts oral sex selfie alongside kitchen and pool listing pics

From left: Rory Golod, Robert Reffkin and 1328 Fulton Street (Credit: Google Maps)

Compass is growing rapidly in UWS and Brooklyn

Elevated risk: Malfunction at NYCHA is putting public housing residents at greater risk of being injured in its elevators

How do brokers get listings from the Department of Justice?

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

arrow_forward_ios