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Millennial renters are giving up on homeownership, as COVID-19 and financial struggles make 1 in 5 say it'll never happen

Millennial renters are giving up on homeownership, as COVID-19 and financial struggles make 1 in 5 say it’ll never happen
Darcel Rockett, Chicago Tribune
© Brian Cassella / Chicago Tribune/Chicago Tribune/TNS
Laura Klauser in her Chicago apartment, Feb. 16, 2021.
CHICAGO Laura Klauser sometimes finds herself looking at home listings online and can’t help but laugh.
“When I look at the cost of buying a place, especially on my own, it’s not doable,” said Klauser, 33, who rents an apartment in Avondale and works as a freelance makeup artist. “I’m currently in a place where I’m splitting rent with someone, so my living expenses are a lot lower.” ....

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Apartment Community Amenities Help Cure Covid-Era Cabin Fever

Apartment Community Amenities Help Cure Covid-Era Cabin Fever
forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.

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More Moving To Suburbs, Chicago Rent Prices Nosedive In 2020

UpdatedFri, Feb 19, 2021 at 10:01 am CT
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Chicago is among the cities to see the steepest decline in rent prices across the U.S. In the past year, the cost of rent has decreased by 12.5 percent in the city. (Shutterstock)
CHICAGO AREA, IL While rent is on the rise in smaller, more-affordable U.S. cities, many of the country s largest metropolitan areas and coastal cities saw prices fall rapidly throughout most of 2020, illustrating how the COVID-19 pandemic had a starkly different effect on regional housing markets over the course of the year.
Chicago is among the cities to see the steepest decline in rent prices. In the past year, the cost of rent has decreased by 12.5 percent in the city. Meanwhile, suburban towns closer to the city on Apartment List s final National Rent Report of 202o, including Oak Park and Arlington Heights, have also seen a dip in rent, while towns farther out have seen increases. ....

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Millennial Renters Giving Up On Owning A Home Amid Pandemic Struggles

Millennial Renters Giving Up On Owning A Home Amid Pandemic Struggles
Chicago Tribune (IL)
Laura Klauser sometimes finds herself looking at home listings online and can’t help but laugh.
“When I look at the cost of buying a place, especially on my own, it’s not doable,” said Klauser, 33, who rents an apartment in Avondale and works as a freelance makeup artist. “I’m currently in a place where I’m splitting rent with someone, so my living expenses are a lot lower.”
Klauser is among the almost 1 in 5 millennial renters who believe they will never own a home, according to a recent report from ApartmentList.com. Up from 12% a year ago, 18% of U.S. renters ages 24 to 39 said they expect they will always rent, and 74% of those renters said it’s because they cannot afford to buy a home. ....

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Millennial renters giving up on homeownership amid COVID-19

The number of lifelong renters went up among debt-plagued millennials for the third consecutive year. ....

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