>There isn't a drive to own a car, a house or other large purchases
It's not that millennials don't want to own these things, it's that they see them as out of reach. It's an uncomfortable economic reality that gets abstracted into "kids these days just want different things" like they're hoarding stockpiles of money and refusing to spend it unless the thing-makers read their minds.
Nah, I don't want to own because I like having a landlord to do maintenance. I rent a townhouse, and I love it. It's got all the benefits of having my own house and all the benefits of renting an apartment.
Air con dies? Open a service request, get it fixed for free. Microwave stops working? Open a service request, get it fixed for free. Water pressure in the shower drops to nothing? Open a service request, get it fixed for free.
Also, I don't have to do any groundskeeping. I don't have to mow a lawn or trim plants. If there's a hailstorm, I don't have to lift a finger or pay one red cent to replace the roof.
Oh, and since our summers can be terrible, I get access to a swimming pool at no extra charge (technically, it's not free, but my rent is certainly cheaper than the cost of a down payment on a house + monthly mortgage payments + cost of installing a swimming pool), and they even maintain the pool for me..
I believe that the truth is somewhere in between. I'm 27 and own my own home. Where I live it's actually more economical to own if you can accept living outside of the city. Many people my age refuse to make that compromise and instead pay a few hundred extra a month to rent 15 minutes closer to the city.
Unfortunately, the truth is not somewhere in between.
"The drop in homeownership is largely due to a delay in homebuying by the millennials, who have the lowest ownership rate of their age group in history. Millennials are not only burdened by student loan debt, but they have also delayed life choices like marriage and parenthood, which are the primary drivers of homeownership. "
As I said it actually costs less money to own where I live. With FHA loans very little capital is required up front. You just don't get to live within the city proper and instead have about a 15 - 20 minute commute. I've spoken to dozens of young professionals (most of whom make much more than I) about this, they'd like to own in center city but that isn't happening so they rent.
I'm a highschool dropout who has no familial support. If I can do it so can someone with a college degree and better access to opportunities as long as they are willing to make the same sacrifices.
I'm 29 and I pay the extra couple hundred each month. I don't need or want a large home. Living closer to everything and cutting commute time is worth waaaaaaay more to me than having a ton of space to store my junk.
I like owning dogs and having a yard for them to play in. I also like equity and having room for servers in the basement and my fiancé and I both having our own offices.
I really like not hearing my neighbors parties or seeing random weirdos hanging out in the hallways.
To each their own. Nothing in the city really excites me. Quite frankly I find the noise and bustle annoying.
It's not that millennials don't want to own these things, it's that they see them as out of reach. It's an uncomfortable economic reality that gets abstracted into "kids these days just want different things" like they're hoarding stockpiles of money and refusing to spend it unless the thing-makers read their minds.