Millennials Would Still Rather Rent Than Buy, Despite Rising Prices
The cost to rent a home is rising, but this isn't stopping millennials from doing it. Mortgage rate trends are in home buyers' favor; by the end of 2014 they had fallen to the lowest rates in a year and a half, which reduced borrowing costs. However, millennials are still renting -- or living at home -- for a few reasons.
According to CNBC, the average rate for renting a home has jumped 14% in the last five years. Experts sat the rate will likely rise another 3.3% in 2015 alone, which brings the average rent price in the U.S. to $1,161.
So if rent prices are rising and borrowing costs are falling, why aren't millennials buying houses?
CNN Money reports that the percentage of homeowners between the ages of 18 and 34 is at a record low -- only 13.2%. Furthermore, 31% of people aged 18 to ...









