San Diego Millennials Want to Buy Homes, Not Rent
Contrary to popular belief, millennials have a greater interest in owning homes as opposed to renting apartments according to a new study. Earlier this year, Harvard University conducted a housing report that seemed to crush stereotypes on the age group’s preference of renting and the desire to live in urban environments. Actually, according to Harvard, millennials want a house in the ‘burbs. Other stereotypes the study seems to have debunked were the unwillingness of the generation to endure the financial risks of homeownership and a desire to live in urban locations.
According to San Diego Union-Tribune, this could have an impact on San Diego. Developers in the county have diverted from building single-family homes while increasing development of apartments and condos. In 2004, 9,555 single-family permits were issued. By 2009, that number sunk to 1,786. That is in direct contrast to the presumed preferences of its millennial inhabitants per this report.
About 10 percent of the nation’s homeowners are made up of millennials. Following Austin, San Diegan millennials are the second biggest cluster in the nation.