A few familiar patterns on Millennial attitudes toward buying a home emerged in a recent analysis by Fannie Mae. These adults believe it makes economic sense to buy a home and anticipate doing so at some point, but are cautious about doing so until their financial situation improves.

These findings were among the conclusions from the data in Fannie Mae's National Housing Survey. Sarah Shadad, a strategic planning analyst for Fannie Mae's Economic and Strategic Research Group, says some observers have suggested that Millennials prefer the flexibility of renting or are less interested in homeownership than previous generations.

However, between the third quarter of 2014 and the second quarter of 2015, only 9 percent of National Housing Survey respondents between the ages of 18 and 34 said they were likely to always rent their home. The remaining 91 percent said they will likely buy a home at some point.

Renters were less likely to consider buying as they got older, but a majority continued to do so in every generation except the oldest respondents. Eighty-three percent of those between the ages of 35 and 44 said they will likely buy at some point, as did 68 percent of those between the ages of 45 and 64. Three out of four respondents in the 65 and older age group of renters said they will probably always rent their home.

Among all renters in the second quarter of 2015, 71 percent said owning a home makes more sense than renting because it is a good long-term investment and offers protection from rent increases. Sixty-three percent agreed that owning their home would give them more control over where they live as well as a better sense of privacy and security.

Those in the 25-34 age group were slightly more likely to agree that owning a home is a fiscally responsible decision because it is a good long-term investment and protects against rent increases, with 72 percent agreeing with this statement. Millennials were slightly less likely to believe that owning gave them gave them more flexibility over where they live and a better sense of privacy and security, with 60 percent agreeing with this notion.

Shadad says most renters believe it would be difficult for them to get a mortgage, including those in the 25-34 age group. Overall, renters were most likely to say that their personal finances, life events, and career factors were the most important considerations in determining when it was the right time to buy a home.

Fifty-two percent of the Millennial respondents said their personal financial situation—including income, savings, and debt—was the most important consideration in choosing when to buy a home. This was slightly more than the share among all renters, which stood at 46 percent.

Millennials were also more likely to be influenced by life events and career factors. Thirty-six percent said life events such as marriage or having children would influence their decision on buying a home, compared to 29 percent of all renters. One in four rents said career factors, such as finishing school or getting a new job, would affect when they decide to buy a home; 30 percent of Millennials held this view.

Housing and economic conditions were slightly less likely to affect when Millennials decided to buy a home. Twenty-two percent considered the condition of the housing or mortgage market, such as home prices or interest rates, to be important. Eighteen percent said economic conditions such as the job market and overall economic growth were important factors. In each case, the share among the 25-34 age group was 1 percent lower than the share among overall renters.

Forty percent of renters they believe an increase in income will be the primary reason that will determine when they buy a home. This was also the top response among Millennials, though only 34 percent of them gave this reason.

Renters were more likely than other respondents to say their household income has increased in the past year. In the second quarter of 2015, 33 percent of renters said this income is higher. Among renters between the ages of 25 and 34, 44 percent indicated that their household income has increased in the past year. Twenty-six percent of all respondents said their household income has gone up.

This share has fluctuated over the years, but has climbed steadily among both renters and general respondents. In survey for June of 2010, those indicating that their income had risen in the past year included 19 percent of all respondents, 22 percent of renters, and 28 percent of the 25-34 age group.

Millennials were more likely to be affected by credit scores, savings, and debt. Twenty-four percent said the main factor influencing when they will buy a home is an improvement in their credit score, 18 percent were waiting to increase their savings, and 13 percent wanted to decrease their debt. Among all renters, 21 percent wanted to improve their credit score, 15 percent wanted to increase their savings, and 11 percent wanted to reduce their debt. Six percent of all renters and the same share of Millennial respondents said a decrease in expenses will determine when they buy a home.