The majority of millennials are still renting, but not because many of them want to. Some of these young potential homebuyers just aren’t happy with the options available to them.

A report released by the Urban Land Institute, called “America in 2015,” attempted to illustrate various age groups’ satisfaction with their communities and housing options. The goal was to measure quality of life for Americans of various backgrounds, and researchers found that thus far, millennials aren’t pleased with what they’re seeing in terms of inventory within their local housing markets. 

Millennials not pleased with housing in their communities
The next great home buying demographic to be tapped - the sizable millennial generation – remains, for the most part, in apartments. The cohort has the potential to vastly alter the face of the housing market in America and hopes are that these young consumers will soon take the plunge into ownership. The fact is, though, that for some millennials, the options available to them simply don’t serve their desires quite enough for them to make the move.

Though the majority of millennials are, in fact, happy with their communities, more of them than any other age group also aren’t pleased. In terms of the range of housing available to them, 21 percent of millennials noted that they were dissatisfied with their options. The next closest were members of Generation X, at 17 percent.

A home is an alluring purchase for many millennials
Though younger potential homebuyers were the least satisfied with the housing options in their communities, they were also the least pleased with their current living situations. Millennial respondents indicated that, in terms of quality of life both in their currently communities and in their homes, 15 percent weren’t happy. Hom​ebuilders are beginning to focus on options that appeal to younger people, such as more affordable units, and housing professionals in some communities can certainly take advantage of millennials’ desire for specific amenities. 

This generational cohort wants communities that are easily walkable. They also are looking for proximity to restaurants, entertainment and outdoor spaces. Communities that offer this sort of access to recreation will be a huge draw for millennials. And though they’re less pleased with housing than Gen Xers or baby boomers, this doesn’t mean they don’t want to begin perusing the market for a proper place to start a family. They want to buy homes, they really do, they are just hampered by undesirable options, student loans and strict access to credit. 

In fact, real estate website Zillow has predicted that millennials will overtake Gen Xers as the largest millennial home buying group in 2015. With rent prices set to outpace home values by the end of the year, young consumers with the right financial situation may see a home as a wise investment. Close to 42 percent of millennials want to buy a home within the next one to five years, according to Zillow’s research, and as they begin to settle down and start families, the firm predicts they will become a sizable force within the housing market.