The 2007 financial crisis caused the American housing market to collapse, creating the longest economic downturn since The Great Depression. That period officially ended five years ago, and cities across the country have more than fully recovered. Major states with metropolitan areas larger than 500,000 residents have even surpassed their pre-recession economic levels, thanks to lucrative industries that either sprouted from the ground post-recession or kept cities afloat through the crisis.
The growth and recovery isn’t all roses, especially for Millennials. With rising rents, many of them want to buy homes, but find the process confusing and overwhelming. For others, student loan debt, job market and negative financial factors push them towards a trend of being long-time renters. In 2015, as the feds are set to raise the rates, Millennials nationwide are asking themselves: “Do I rent or buy?”