Nearly 9 million millennials expect to be permanent renters, survey says

Nearly 9 million millennials expect to be permanent renters, survey says

Many Americans in their 20s and 30s may have given up on the dream of homeownership. Nearly half of millennial renters say they have not saved a dime for a down payment to buy a home. CBS News Business Analyst Jill Schlesinger joins “CBS This Morning” to discuss why many millennials could be permanent renters and what it means for the housing market.

Truth Analysis

Factual Accuracy
4/5
Bias Level
3/5
Analysis Summary:

The article is mostly accurate, with the key claim about 9 million millennials expecting to be permanent renters being supported by multiple sources. However, the article presents a slightly negative slant towards millennials and their financial situations, potentially omitting other contributing factors. Some claims, like the exact percentage of millennials who haven't saved for a down payment, are not directly verifiable with the provided sources, though related information is available.

Detailed Analysis:
  • Claim:** "Many Americans in their 20s and 30s may have given up on the dream of homeownership." This is a general statement and difficult to verify directly. However, the subsequent claims support this idea.
  • Claim:** "Nearly half of millennial renters say they have not saved a dime for a down payment to buy a home." This claim is not directly verifiable with the provided sources. Verification Source #2 mentions a survey by Freddie Mac about renters with disabilities, but not specifically about millennials and their down payment savings.
  • Claim:** "Nearly 9 million millennials expect to be permanent renters." This claim is supported by Verification Source #1 and Verification Source #3.
  • Claim:** The article implies that this situation is primarily due to millennials' choices or lack of financial planning. This is an interpretation and could be considered a bias, as it doesn't explicitly mention other factors like rising housing costs or stagnant wages.
Supporting Evidence/Contradictions:
  • Verification Source #1:** Supports the claim that "Nearly 9 million millennials expect to be permanent renters."
  • Verification Source #3:** Supports the claim that "Nearly 9 million millennials expect to be permanent renters." It also provides context by stating that "39% of people aged 25 to 34 own their home."
  • Verification Source #2:** Does not directly support or contradict the claim about millennials not saving for a down payment, but it does mention that "many renters hope to own a."
  • Verification Source #4:** Provides general information about the growth of rental housing, but doesn't directly address the millennial situation.
  • Verification Source #5:** States that "Fully 70 percent of Gen Yers expect to rent before owning," which suggests that renting is a common step for millennials, but doesn't necessarily mean they expect to be permanent renters.