More millennial renters say they'll 'always rent' but not by choice

Millennials renting for life

JACKSONVILLE, Fla. — More millennial renters say they plan on renting forever but not because they want to.

According to the 2019 millennial homeownership report from Apartment List Rentonomics, 12.3% of millennial renters plan to always rent, That's up from 10.7% last year.

"I plan on buying a home in the future. I guess it all depends on where you want to live," said David May.

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Ten thousand millennial renters across the U.S. participated in the survey.

Among those who expect to buy a home, nearly half have saved nothing.

Student loan debt is also an obstacle.

Realtor Erik Head said while 20% down on a home is ideal, it's not necessary.

"Even FHA (the Federal Housing Administration), you can put 3 1/2% down and it's an attractive rate. You have to pay mortgage insurance, which is a little bump to that," said Head.

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Head said it's important to consider expectations when buying a home.

"Maybe a smaller home, maybe a little bit farther away from the beach or from the shops so it's a little bit more affordable," said Head.

Head also said a starter home is a great option but is often overlooked.

"It may be a fixer-upper, it might need a little bit of work but some sweat equity into that first place to turn it and then make a little bit of a profit is a great option," he said.