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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