> The issue is that the concept of ownership is changing in the "millennial" generation. There isn't a drive to own a car, a house or other large purchases so t

> The issue is that the concept of ownership is changing in the "millennial" generation. There isn't a drive to own a car, a house or other large purchases so the concept of paying $200-500/more a month for leasing an apartment isn't as cumbersome as it was for the past generation. Speaking as a so-called "millennial", when it comes to home ownership, this is completely wrong and downright insulting. I would love to own a place instead of paying rent. Except, guess what? The smallest down payment possible for a flat anywhere close to where I live is roughly equal to my annual gross salary. And that'd be for the smallest, hole-in-the-wall flat that would likely be a money pit of necessary repairs. Yes, I could move to a less-expensive state, but that'd require a massive upheaval in my life, not to mention the fact that a different job in that area would pay a much lower salary after COLA. Oh, and also, if you're working in tech? You're in for a surprise when you try to get a mortgage. If you're in your 20s and working a six-figure salary, in a competitive real estate market like SF and NYC, you'll be expected to pay an even larger downpayment due to the "volatility" of your employment and annual earnings. (ie, you're employed at-will with a short employment history in an industry known for rapid change, so they want more of their money up front).