Millennials Dream of Homeownership, Fear They Won't Achieve it

Becoming a homeowner, being debt-free, achieving financial stability over the course of one's life, and pursuing their dreams are all part of Millennials' version of the American Dream.

Yet, a new study from Bank of the West on this generation finds that only 54 percent believe the dream will be within their reach in their lifetime, and that about 25 percent have given up on their hopes of being a homeowner. Despite stereotypes about Millennials, the financial stability of homeownership, and having a place to call their own are driving 69 percent to want to find a community in which to settle down and buy a home, HousingWire reports.

With prices on the rise, homeownership has become increasingly difficult for Millennials. The majority of Millennials are still renting or staying with friends or family, and only 42 percent own a home. According to the report, 46 percent of Millennials rent, 42 percent Millennials own, 11 percent stay with parents or family and just 1 percent stays with friends.

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