Millennial Milestone: 50% Homeownership Rate
According to Apartment List’s latest report, the age group finally has a majority (51.5%) owning homes, though Gen X had a 58% rate when at the same age.
NEW YORK – Thanks to the housing crisis over a decade ago, millennials couldn’t catch a break in the home market. But according to the annual Apartment List Millennial Homeownership Report based on U.S. Census data, 2022 was a milestone for millennials who saw more than half their number (51.%) own a home.
However millennials who do not own a home are falling further behind.
Overall, millennials are behind earlier generations. At the same average age, for example, their immediate predecessors, Gen X, had a homeownership rate of 58%.
In addition, homeownership percentage is based, in part, on location. In the Orlando metro area, for example, the millennial homeownership rate is 45% – 7 percentage points below the national average.
In general, millennials own more homes in the nation’s smaller markets, particularly those in the Midwest and Great Lakes regions.
Homeownership by generation
Silent generation: 76.8%
Baby boomers: 77.8%
Generation X: 69.7%
Millennials: 51.5%
Millennials who have not purchased and home and continue to rent are now getting priced out of homeownership by rapidly rising prices. In the survey, 25% of millennial renters say they will rent forever, and two-thirds have no money set aside for a down payment.
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