Millennials would rather hoard cash than invest in real estate.
Saddled with student loans and facing rising home prices, only 22 percent of millennials see real estate as an ideal investment, according to Inman. Savings accounts and other cash instruments are seen as the best option, the report said, citing a Bankrate survey.
Real estate still ranked above gold and other precious metals — as well as cryptocurrencies. The findings are a departure from older generations that preferred real estate and the stock market, the report said.
Dealing with debt has delayed homeownership for many millennials. The average millennial waits 12 years before buying their first house — paying out a little more than $200,000 in rent in the meantime — according to a previous report.
Between 2000 and 2010, about 234,000 millennials moved to New York City, prompting a surge in rental development. Overall, more than 18 million millennial-led households are renting — more than any other group. [Inman] — Meenal Vamburkar