Millennial Homeownership: Lagging Behind Past Generations

Millennials’ low home-buying rate worsens due to a tough housing market, impacting the economy. Homeownership for those born between 1981 and 1996 is significantly lower than previous generations. All age groups suffer from housing affordability issues, but millennials face the brunt due to limited entry-level homes and new constructions. In 2022, millennial homeownership was at 51.5%, while baby boomers had 56.5% in 1990 and Gen X had 58.2% in 2006. Between 2019 and 2022, median house prices surged by over 42% to $457,800, with mortgage interest rates increasing to 6.42%.

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