Today we’re excited to announce the launch of our #SpentOnRent campaign, along with the release of the Millennial Homeownership Report, a comprehensive look into the challenges millennials face when it comes to buying a home. We sponsored this report by the Urban Institute as part of our goal to create a national conversation about how the public and private sector can work together to solve the homeownership crisis faced by the next generation of Americans.
Read the report
Some learnings from the study:
- Falling behind: Millennials are 8% less likely to own a home than previous generations – that’s 3.4 million people who are renting instead of owning.
- Rent burdened: Almost half of 18-34 year old households spend more than 30% of their income on rent.
- Inherited opportunity: Americans are almost 11% more likely to own a home if their parents did.
- Racial divide: The black millennial homeownership rate for 18-24 year olds was just 13.4% in 2015, compared to 39.6% for whites and 24.6% for Hispanics.
- Credit mismatch: The median credit score among millennials is 640. The average mortgage borrower? 733.
- Costly education: If a person’s student debt increases from $50,000 to $100,000, their likelihood of owning a home decreases by 15%.
See how you're impacted
Take our quick quiz, which uses data from the Urban Institute report to estimate your likelihood of becoming a homeowner.
Take the homeownership quiz
Share what’s holding you back (and win $5000)
Whether you already own, plan to rent forever, or are still figuring out what’s possible, we want to hear from you. Share your perspective, using #SpentOnRent and #Sweepstakes on Twitter, and you'll be entered to win $5,000 to put toward your version of the American Dream.1 Learn more here at better.com/spentonrent.
Tell us why you're #SpentOnRent
NO PURCHASE NECESSARY. Begins 7/11/18. Ends 7/17/18. Open to residents of the 50 United States (or D.C.), 18+. See Official Rules for details. Void where prohibited. ↩