The majority of Americans surveyed believe renting is more affordable than owning a home, the Wall Street Journal reports.
Apartment construction is up, which has led to rent increases slowing down across the country, but home prices continue their upward climb.
76% of millennials said that renting is the cheaper option, about 10% more than a year ago. About 82% of baby boomers now say renting is more affordable, compared to 71% last year, and 75% of Generation X now believe renting is cheaper. Just 56% of Gen X felt that way in September 2016.
Across the country, home prices were up 5.9% between this past July and July 2016.
When it comes to reasons to rent, 7% of millennials cited maintenance costs as the number one reason not to own a home, while 28% of respondents over 65 said they were a factor.
23% gave convenience and flexibility as their top reason for renting and 18% said they don’t have the down payment saved to buy a home.
The survey also found that just 14% are planning to buy a home soon, a decrease of 7% since January 2016.