It doesn’t matter who you ask, across generations, people are beginning to realize that the American Dream is no longer defined by settling down and buying a house. We’re in the thick of “the Renters’ Generation,” and there’s good reason for that: there’s simply more to life than staying in one place.
From gender to generation, everyone seems to agree that homeownership should be put on hold — for when you’re ready. As for when “ready” should be? For millennials, statistically, it’s not your 20s.
Men on the Move
Overall, female respondents resided in their apartments twice as long as male respondents.
More males (41%) have relocated from another city in the past 3 years than females (37%).
While 36% of male respondents moved for professional opportunities, only 22% of female respondents moved for this same reason.
Decline of The Belief that The American Dream Involves Homeownership
This year, 33% of respondents said that they do not believe that the American Dream involves homeownership. This is up 1 point from the 2017 Annual Renter Survey (32%) and up 4 points from the 2016 Annual Renter Survey (29%). This steady decline the last 3 years signals an increased interest toward renting instead of owning.
Millennials the Renters’ Generation
Broken down by age groups, it seems that the older you get, the less likely you believe that the American dream involves homeownership. Notably, the 18-24 and 37-44 age groups had the strongest belief that the American Dream involves homeownership while there was a dip in age groups 25-36 and 45-64. The lowest conviction was in individuals aged 65+.
Read the entire report and methodology here.
Zumper was founded to redesign the rental market for the 21st century. Renting an apartment should be as easy as booking a hotel. Users should be able to see the best apartments in a single place, not get scammed, know the price upfront, and lease the second they’re ready. Tools such as accurate local rental market data, up-to-date listings, more accurate search and alerts, and personalized help from our team empowers the renter in one of the most important decisions in their lives: where to live.
Search for apartments on Zumper now.
Related content
