Various studies and media reports in recent years have shown Atlanta to be a wise millennial destination, including MONEY magazine’s 2015 declaration that Atlanta’s the country’s second best city for millennials, just behind rival Austin.
Those findings were based on relatively low cost of living and the high concentration of millennials actually living in Atlanta already, among other factors. It’s the opposite of places like Fayette County, where officials are combating what’s known as “millennial drain.”
That’s not to say it ain’t hard out there for an ATL millennial. Or at least one who’s sick of renting or camping out in mom’s attic.
In what could be sobering news for millennials of Atlanta—or a comforting chorus of relatable misery—researchers at Apartment List have found the American dream of owning is largely being delayed for millennials, the largest living generation, as homeownership rates reach historic lows.
They polled 24,000 millennials across the nation, each born between 1982 and 2004.
Be warned, ye millennials, this part might sting:
“Millennials vastly underestimate the savings necessary for a down payment and based on current saving rates millennials in many cities need at least a decade to save enough. Our analysis shows that a lack of savings, combined with the shortage of affordable starter homes, will leave a large share of millennials renting for years.”
In Atlanta, 289 respondents completed questions on savings, down payments, and general expectations.
The outlook isn’t as grim as some cities (millennials in San Jose, for instance, would need almost 24 years to sock away suitable down payments), but it isn’t rosy either.
Seventy percent of Atlanta millennials said they can’t afford to buy a house or condo at the moment. Although 85 percent plan to buy in the future.
Speaking of plans, researchers found the expectations of local millennials are a bit skewed, as this graphic illustrates:
Here’s a glimpse at nationwide responses, in chart form:
On the bright side, look at what $260,000 buys in downtown Macon!
- American Dream of Homeownership Delayed for Millennial Generation [ApartmentList.com]