The number of homeowners has reached its lowest level in 50 years. Homeownership is down to 63.4 percent, according to the U.S. Census.
Many strive for security, especially those just starting out on their own. Millennials are trending toward renting more than buying.
"I believe a lot of the millennials having experienced the recession firsthand probably more so than any generation, they do want apartments first. It's really a starter for them as they decide whether or not they want to engage in home ownership".
Owning homes peaked at 69.2 percent at the end of 2004. In the second quarter of 2015, it's at its lowest level since 1967.
People were just a little tired of that alleged American dream, people want to have a more diverse experience and not be stuck in the same house all the time.
While the home-owning percentage has declined, the renter's market is as strong as ever.
If the first-time buyer doesn't feel secure about their income or their job or how long they'll be working in a certain area, they make a decision to rent.
A new study by the National Association of Realtors found that millennials preferred walking to driving, which is higher than any other generation. It also showed that they're more in favor of alternatives to driving, like riding the bus or taking the train.