More than three-quarters of millennials report that they have had made compromises in order to find affordable housing.
The survey, which was conducted by The NHP Foundation, defined affordable housing as costing no more than 30 percent of the millennial’s income. Nearly half – 46 percent- of the 1,000 respondents who said they have made a compromise for affordable housing reported that they live with their parents or family, 41 percent live with a roommate, and more than one-third (36 percent) were forced to move further away from their workplace or school to be able to afford housing.
The survey found that 69 percent of millennials spend 30 percent or more of their income on their housing. Of those who are spending at least 30 percent on housing, 67 percent reported saving to buy a home in the future, 20 percent reported they are delaying marriage and/or children and 17 percent said they are not seeking preventive healthcare.
“Millennials, America’s largest generation, are already saddled with record-breaking student loan debt and no longer think homeownership is in their future,” Richard Burns, CEO of The NHP Foundation said in a release. “The group mirrors much of society, which is also frustrated by the lack of affordable housing and is seeking rental options.”
Sixty-three percent of participants said that affordable housing is very important, while 50 percent believe that affordable housing is a very important social issue. Half said they would give to affordable housing causes, with 60 percent willing to volunteer time, 50 percent willing to attend events, 36 percent said they would promote via social media and 32 percent said they would contribute financially.
“To see that the need for affordable housing for all resonates with this group [millennials] is gratifying,” added Burns.