Today's young adults value experiences more than home ownership, according to a new study from Airbnb.
Life goals for past generations seemed to be a cut-and-dry version of grow up, get a job and buy a home. For the millenial generation, however, most would rather spend time and money traveling the world than purchase a place of their own, according to a new study from Airbnb.
The peer-to-peer homestay company (which, admittedly, may have a little vested interest here) surveyed people ages 18 to 35 in the United States, United Kingdom and China about their attitudes and priorities regarding travel. In all three countries, millennials ranked travel higher in importance than buying a home.
Millennials are already known as a social, connected generation looking to broaden their horizons, and the study is further evidence that the majority of millennials seem to care more about spending money on experiences than possessions.
According to a White House report from 2014, millennials are less likely to actually own a home than young adults of earlier generations, and the probability of owning a home for those ages 18 to 34 has been dropping since 1980.
While buying a home doesn't seem to be part of the millennial identity, over 70 percent of millennials surveyed in the Airbnb study reported that travel is an integral part of who they are. In fact, it's so important that, in the United Kingdom, travel is even more of a priority than paying off student debt. (Though in the United States, where the average student loan debt per person is around $37,000, the priorities are about equal.)
Millennials aren't looking to spend on more generic travel experiences like tour packages, either. According to the study, they seek something more personal and adventurous, with over 80 percent of those surveyed reporting that they prefer "unique travel experiences" where they can "live like the locals do."
Very handy results for Airbnb, indeed, but also very telling of the nomadic millennial generation.