Despite the notion that the 2.3 million adults living with their parents are saving money for a property, a new survey shows that 50% of millennials have less than $1,000 of savings, in addition to being burdened with student debt. The survey, conducted by Bankrate.com, found that only 25% of those surveyed had more than $10,000 saved up and just 15% said they were “comfortable” having no savings at all.
Despite the notion that the 2.3 million adults living with their parents are saving money for a property, a new survey shows that 50% of millennials have less than $1,000 of savings, in addition to being burdened with student debt. Foreign money, investor dominance and high prices for properties in desirable areas are contributing to what this commentator calls ‘rental Armageddon,’ concluding that millennials are in no position to save the housing market.