In the pilot for HBO’s Ballers, Dwayne ‘The Rock‘ Johnson’s character Spencer Strasmore gives some solid “free advice.” Spence tells some up and coming sports stars, “never buy a depreciating asset.” He then lists off cars, boats, and planes and tells his accolades to “lease” everything. While most of us probably will never own a plane, a lot of us will be told or have the desire to buy a house. Well, a house is (arguably) a depreciating asset. It falls apart, needing constant repairs and upgrades — which means a money drain. We’re not saying that physical property won’t appreciate and raise in value. But property is not a house — land is. And it seems millennials are getting wiser to this.
A new study by Realty Mogul looked closely at buying habits by age demo to see who’s buying what and where. According to their numbers, only 53 percent of millennials care about buying a house, leaving 47 percent of the coveted 18-34 demographic wanting more from life (and their money). This shores up other studies that show millennials are far more likely to spend their hard-earned money on travel or eating out or maybe just doing something rad they’ve never done before. After all, it’s their money to do with as they please.