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News Link • Economy - Economics USA

Millennials are fleeing these 10 American cities because of high home prices

• Business Insider by Akin Oyedele

This was reconfirmed in a survey of 19- to 35-year-olds conducted by Bank of America Merrill Lynch.

It found that 66% of millennials rated homeownership either as "very important" (40%) or "important" (26%).

In a primer on millennials and centennials published last week, BAML equity strategist Sarbjit Nahal said the survey showed that the share of millennials who said home buying was "very important" slipped from a year ago.

Nahal wrote: "The most common reasons cited by millennial respondents for not buying a home were: 1) I am not at the right point in my life and 2) I don't make enough money to afford a home. Younger millennials (20-24Y) were more inclined to point to their current stage of life, while older millennials (30-34Y) appear to be emotionally prepared to be homeowners, but lack the financial resources to do so."

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