(CNBC) — For generations past, home ownership was a significant rite of passage that signaled stability, commitment, and, often, prosperity.
But, in this as in so many other cases, millennials are different.
As of 2015, adults under age 35 made up 19 percent of U.S. households but less than 10 percent of homeowners, according to a report released by Harvard University’s Joint Center for Housing Studies. In fact, in 2015 home ownership for that group fell to a historic low of 31 percent.
Entrepreneur and bestselling author Tony Robbins says that, while millennials might be missing out on the social upsides of home ownership, real estate is not the best investment they could be making.