They are in the prime home-owning years of their lives, but millennials are struggling to actually buy houses.
There are several reasons why, and none of them involve Starbucks or avocado toast.
For Elizabeth Galanter and Aaron Fried, the numbers don't yet add up.
"Eventually we definitely want to own, for sure, we just don't really know a timeline for that right now," said Galanter.
They're millennials who plan to someday own a home.
"I think it would be tough to purchase a house right now, just given the economy and all that," said Fried.
And that economy includes high housing and rent costs. Not to mention the highest mortgage rates we've seen in years.
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Just ask Apartment List Senior Researcher Rob Warnock, who came out with the data.
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"I don't own this, I'm renting this,” he said about his San Francisco apartment.
Apartment List says the number of millennials who say they'll be renting forever has doubled in a decade and the percentage of millennials who own homes here in the Bay Area is among the lowest in the nation.
"At the end of the day, as it turns out, it seems like as they get older, they want to own homes, they just cannot afford it,” said Warnock.
And they're talking about it. After posting a tweet with the stats, people had questions like, “Are we forced into this position by stagnant wages, inflation, skyrocketing housing costs and student loans with high interest rates?"
That's accurate.
All of those things are happening simultaneously as millennials hit that prime time home buying stage in life, but it's more expensive than we've seen in a long time.
