Young Americans are giving up on car ownership. It's a path to financial freedom for some.

Rising car prices are pushing some young Americans to rethink vehicle ownership, arguing that going car-free can improve monthly budgeting. The article describes Nick Renteria, 24, who rented a car for about $350 per month while studying in Los Angeles, then moved to West Hollywood after finishing his program to rely on biking and public transit. Over two years, he said he could afford social outings and part-time work better than a roommate with a similar income who kept owning a car. Data cited from the Federal Reserve show vehicle ownership among households under 35 fell to 79.4% from 82.1% in 2019, while ownership among those 75+ rose.