- Smartphones: 98 percent
- Energy drinks: 64 percent
- Organic food: 54 percent
- A home: 53 percent
- Any item over $2,000: 40 percent
- Tattoos: 40 percent
- Musical instrument: 38 percent
- Firearm: 26 percent
- Siracha sauce: 16 percent
(Source: Accel + Qualtrics Millennial Study 2017 )
Millennials may be a transitional generation when it comes to consumer preferences, but busting the myths of the "Don't Own" economy is an important part of ensuring that financial decisions made today by millennials are the best ones for their future.
Sophia Bera, founder of Gen Y Planning and a member of the CNBC Digital Financial Advisor Council, said she sees evidence that millennials are truly transitional when it comes to views on home ownership.
"I am noticing more millennials buy or rent depending on area they are in, seeing people go from renting to buying to selling and renting again to buying again, as opposed to buying and hold that property for decades," Bera said.
In one way, home ownership is working out well alongside millennial generation developments. "They are much more likely to become landlords, buying with the ability to rent it out or 'Airbnb it,' Bera said.
The financial advisor also sees great potential downside to home ownership as a default consumer position, stemming from a core millennial need greater than ownership — mobility.
Millennials should weigh before buying a home whether they may be interested in a job change and move across the country. And when a millennial follows through on a career move, Bera recommends renting for a while before deciding where to buy again. "There is a higher value in mobility and if that is case, I try to talk them out of buying too soon," she said.