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
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
New Park Opens in the Santa Clarita Valley
The City of Santa Clarita just celebrated the grand opening of its 38th park, the 10.5-acre Skyline Ranch Park.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
How Urban Form Impacts Housing Affordability
The way we design cities affects housing costs differently than you might think.
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