There are a whopping 44 million renter households in the U.S. and the number of renters has been steadily increasing since the mid-70s. What does the path to homeownership look like for renters?
This week's Home Retail Monitor dives into the mindset of Millennials renting homes and how rising rent and home prices have discouraged spending.
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89% of Millennial renters plan to own a home someday. However, only 34% of Millennials expect to be able to purchase a home within the next two years, and another 43% think it will take 3-5 years for them to be able to afford a home. Read the entire study to see how this could impact home improvement retail.