Although millennials are moving out from their parents’ homes, they are still not buying their own places. According to an article in CNBC, they are choosing to rent instead.

Millennials will spend $1.6 trillion on home purchases and $600 billion on rent over the next five years, more per person than any other generation, with more of them opting for more affordable rents versus paying the big price tags to buy homes.

While most millennials aspire to be homeowners, the article explained that the difference between them and other generations is that their time horizon for home ownership will be shorter.

"One important difference between millennials and young adults in previous decades is the unique financial challenges of home ownership today, resulting from graduating into a weak job market with growing student loan debt," said Jeremy Burbank, a vice president at The Demand Institute and Nielsen. "Many millennials are open to alternative approaches to housing finance, including single-family rentals and rent/own hybrid contracts such as lease-to-own."