Rice sociologist available to discuss report on millennial homeownership

first_imgAddThis ShareRice UniversityOffice of Public Affairs/News & Media RelationsEXPERT ALERTDavid [email protected] [email protected] University sociologist available to discuss report on millennial homeownershipHOUSTON – (May 13, 2015) – Seventy percent of all adult millennials expect to be homeowners by 2020, even though many don’t necessarily view homeownership as a savvy financial decision, according to a new study produced for the Urban Land Institute (ULI). Stephen Klineberg, founding director of Rice University’s Kinder Institute for Urban Research, discusses the study’s findings in a new blog post and is available to discuss it with members of the media.“The biggest source of wealth for most families used to be the home they owned,” Klineberg said. “The housing bubble burst, and suddenly all that equity disappeared. This has had an enormous impact on people’s sense of whether owning a house will provide security for the future. There are going to be more renters for longer because of that experience.”According to the ULI study, 92 percent of adult millennials say they expect to eventually own a home, but 45 percent disagreed with the suggestion that homeownership is a good long-term investment. Fewer than half had a positive view of investing a large sum of money in homeownership.There are 78.6 million adult millennials in the U.S. and their attitudes and opinions about housing are poised to have a major effect on the development of the country’s urban places and housing inventory, the study said.“Cities are having to re-imagine how they’re going to meet the needs of a generation that’s increasingly more likely to be urban than suburban,” said Klineberg, who is speaking at ULI’s Spring Meeting in Houston this week. “Millennials want to be in areas with street culture, public parks and shared urban spaces.”Nearly 90 percent of the adult millennials in the survey said they expect to match or exceed their parents’ economic circumstances. But as the authors of the study note, survey respondents aren’t always good at predicting their own future.In 2010, the survey found that 67 percent of adult millennials expected to own their homes by 2015. But today, just 26 percent of millennials actually do own their homes. That reality doesn’t appear to have daunted their continuing optimism.“There’s a real concern that this generation will be the first generation in American history that won’t surpass its parents economically,” said Klineberg, who authors the annual Kinder Houston Area Survey. “Millennials are having difficulty finding the jobs that will pay enough to support a family, and the critical necessity in finding those jobs is access to a quality education, so minority millennials are particularly disadvantaged.”To read the full blog, visit kinder.rice.edu.Rice University has a VideoLink ReadyCam TV interview studio. ReadyCam is capable of transmitting broadcast-quality standard-definition and high-definition video directly to all news media organizations around the world 24/7.To arrange an interview with Klineberg, contact Amy McCaig, senior media relations specialist at Rice, at 713-348-6777 or [email protected] Rice News and Media Relations on Twitter @RiceUNews.Related materials:Rice University’s Kinder Institute for Urban Research: http://kinder.rice.edu/ULI website: http://uli.org/ULI report: http://uli.org/report/gen-y-housing-want-want/Photo link: http://news.rice.edu/files/2014/05/0512_ARA-Klineberg.jpgPhoto credit: Rice University/Tommy LaVergneLocated on a 300-acre forested campus in Houston, Rice University is consistently ranked among the nation’s top 20 universities by U.S. News & World Report. Rice has highly respected schools of Architecture, Business, Continuing Studies, Engineering, Humanities, Music, Natural Sciences and Social Sciences and is home to the Baker Institute for Public Policy. With 3,888 undergraduates and 2,610 graduate students, Rice’s undergraduate student-to-faculty ratio is 6-to-1. Its residential college system builds close-knit communities and lifelong friendships, just one reason why Rice is ranked among some of the top schools for best quality of life by the Princeton Review and for best value among private universities by Kiplinger’s Personal Finance. To read “What they’re saying about Rice,” click here.last_img