Just over half of people in the ‘Y’ generation now own homes, but the largest generation also continues to dominate the rental market.
Millennials are now more likely to own a home than rent with 51.5 percent of people in the age range owning a home, reports Alexandra Both for RentCafe. “In fact, this demographic gained 10.8 million homeowners in the last decade, including 7.1 million in the last five years to reach 18.2 million in 2022.”
However, as the largest generation, “Millennials remained the dominant renter generation, with 17.2 million renter households.” According to Both, “Gen Z is now the only renter-majority generation with a 74% share and 4.5 million renters added in the last five years, more than any other age group.”
Both explains that homeownership happened later in life for most Millennials due in part to housing affordability (or lack thereof) and generational values. Homeownership amongst Millennials grew in recent years as median income for their generation reached a historic high and pandemic conditions allowed many to save for a down payment. “Millennial homebuyers also received financial support from their parents for their mortgage down payment, according to a LendingTree survey.”
FULL STORY: Millennials Make Historic Switch From Renter-Majority to Homeowner-Majority Generation
Houston Becoming a Region of Renters
The area has seen a sharp increase in renters as rising housing costs put homeownership out of reach for more households and investors convert single-family homes to multifamily rentals.
Diverging Fortunes: Winners and Losers in the Pandemic Housing Market
The sharp rise in housing costs created massive wealth for property owners, while shutting many potential homebuyers out of the market.
High Housing Costs Are Bad News for Older Millennials
Burdened by rising housing costs, many millennials are finding it increasingly difficult to pay off debt or save for the future.
The Slow Death of Ride Sharing
From the beginning, TNCs like Lyft and Uber touted shared rides as their key product. Now, Lyft is ending the practice.
Cool Walkability Planning
Shadeways (covered sidewalks) and pedways (enclosed, climate controlled walkways) can provide comfortable walkability in hot climates. The Cool Walkshed Index can help plan these facilities.
Congestion Pricing Could Be Coming to L.A.
The infamously car-centric city is weighing a proposed congestion pricing pilot program to reduce traffic and encourage public transit use.
Who Benefits Most from Land Conservation Efforts?
A new study estimates that recent land conservation generated $9.8 billion in wealth nationally through the housing market and that wealthier and White households benefited disproportionately.
Richmond Repeals Parking Minimums, Encourages Off-Street Parking and Transit
The Virginia city is replete with underused off-street parking lots, which city councilors hope to make available for parking at more times while encouraging transit use.
Lack of Multi-Family Zones Contributes to Nashville’s High Housing Costs, Study Says
Nashville and surrounding communities allow for a relatively small amount of multi-family housing, according to a new zoning atlas of Middle Tennessee. A regionally focused nonprofit is using the atlas to push for zoning reforms.
San Francisco Municipal Transportation Agency
City of Orange
City of Charlotte - Charlotte Area Transit
Chaddick Institute at DePaul University
HUD's Office of Policy Development and Research
HUD's Office of Policy Development and Research
Montrose County
Wichita-Sedgwick County Metropolitan Area Planning Department
City of Lomita
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
