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.”
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