Millennials tap the brakes on homeownership

​​UNITED STATES – About three-quarters of millennials are delaying the homebuying dream because of costs and a preference for renting, a national survey found.

Washington, D.C.-based NHP Foundation​​ research found that 76 percent of millennials, those ages 18 to 34, make "compromises" to find affordable housing.

The survey of 1,000 U.S. millennials found that the traditional idea of homeownership has been delayed for most.

Of the 76 percent that said compromises were made, 46 percent said they choose to live with parents or family members; 43 percent say they put off saving for the future; 41 percent live with a roommate; and 36 percent say they had to move further away from school or work to find something affordable.

About one-third of respondents said they have put off home ownership entirely.

The research also found that 69 percent of this younger demographic pay more than 30 percent of their income on housing. 

Among this group, one-third will continue renting or living at home and half of prefer renting to owning.