Many millennials have yet to become homeowners.

With student loan debt accounting for about $1.4 trillion of U.S. debt, it should come as no surprise that millennials don’t want to buy a home. According to Pew Research, one in four millennials have some form of college debt – and it’s no secret that some millennials find themselves facing hundreds of thousands of dollars in debt.

With that kind of financial stress, most millennials are not rushing to purchase a home. The millennial generation doesn’t want to be tied down to a mortgage when the payment could likely equal their monthly student loan payment. As a result, millennials who live in expensive cities to jumpstart their careers are deciding to rent for longer periods of time.

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