 Millennials (born 1981 to 1997) are renting far more than prior generations. In this article, we explore why and understand if it is by necessity or by choice. Millennials are the largest generation in U.S. history, at approximately 79 million strong — surpassing Baby Boomers by about 4 million. Millennials (also known as Gen-Y) comprise 50% of all renters in the U.S., and are 8% less likely to own homes (when aged between 25 and 34yrs old) when compared to Gen-X and Baby Boomers at a similar age. The median age of today's renter is 32 with a median household income of $37,500, and most (60%) make less than $50,000. By comparison, 57 is the median age of today’s homeowner who have a median household income of $62,500.
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