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The number of millennials who plan on keeping their rental homes is on the rise.

A new survey found that more than 12 percent will hang on to the rental lifestyle, at least for now, according to Housing Wire.

In the study, it’s revealed that some respondents are pessimistic because they have not been as successful as they had hoped in saving for a down payment.

Millennials are not alone. Generation Z expects to face similar obstacles.

Generation Z, however, also appears to be less enthusiastic than their older counterparts about renting.

Nearly 20 percent of the Generation Z respondents found renting as more appealing than purchasing a home; that’s compared to 30 percent of millennials.

An FHA loan or a VA loan can feed a little optimism to both groups alike. Both loans are designed to get you into a home and are backed by the federal government. They also both have unique features that open up the possibility to homeownership to more people through their lenient borrowing terms and qualifying guidelines.

Regardless of your current living arrangement, homeownership may be closer than you think. If you have any questions about purchasing a home in Oahu, please consider one of these programs. Our local team can help you better understand the market and devise a mortgage program that aligns with your short- and long-term financial goals.

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