Millennials ambivalent about home ownership

By Andrew Rickard | April 29 2016 09:58AM

Many Millennials say they are tired of paying rent, but most would still rather wait than settle for second-best in the real estate market.

According to the survey from BMO Bank of Montreal, 89% of Millennials believe there is value in home ownership and 60% say they are tired of paying rent. However 70% of the respondents indicated that they "would rather delay home ownership until they can get what they really want in a home". What's more, 73% say they do not feel pressured to buy any sooner.

Other priorities

BMO notes that only 26% of the Millennials who took part in the survey said they were "very likely" to buy a home within the next year. Instead, 66% said that other priorities outrank their desire to own a home.

Asked about what in particular was putting them off buying a home (respondents could give more than one reason): 42% said they would rather travel, going back to school, or starting a business; 38% were reluctant to be left with no disposable income after a home purchase; 31% indicated that they are uncertain about where they want to settle down; and another 31% said they would prefer to pay off their debts.