Though millennials were able to grow their net worth during the COVID-19 pandemic, the generation also has faced wage stagnation, college tuition costs that have increased more than 1,300% since 1978, and housing costs that have outpaced inflation – all of which has made buying a home without assistance more difficult. Others received financial support from family, friends, employers or an assistance program: A 2022 poll from data analytics firm YouGov found 51% of 30- to 44-year-old homeowners received financial help from their parents. The report also notes that many millennials delayed moving out or moved back in with their parents during the pandemic, allowing them to save for a down payment. Millennial households reached a historically high median income last year of $108,000, up 44% from 2017 and the highest increase among all generations, according to the report. The figure reflects the combined income of the millennial household owners. But this generation has more recently had a number of economic factors working in their favor and are 'now in their prime homebuying years,' according to RentCafe. Millennials faced a number of challenges that stalled homeownership, including the Great Recession and student loan debt. The average Gen Xers passed the benchmark at 32, while the average boomer was 33, according to RentCafe. When millennial households became majority homeowners, the average age of a millennial was 34. Homebuying: Here are the best lenders if you're looking to purchase a homeĪt what age are millennials buying homes?Ĭompared with previous generations, it took millennials, ages 27 to 42 this year, longer to save enough to afford their first home. Gen Xers, who turn 43 to 58 this year, had more than 24 million homeowner households in their ranks.

The findings are based on data from Integrated Public Use Microdata Series, or IPUMS, part of the Institute for Social Research and Data Innovation at the University of Minnesota.Īccording to RentCafe, the number of millennial households that own their home in these areas jumped by 7 million over the past five years to 18.2 million in 2022, compared with 17.2 million millennial renter households.ĭespite the shift, baby boomers – those ages 59 to 77 this year – continue to dominate the housing market in these markets with 32 million homeowner households, according to the report. metropolitan areas. In order to be considered a millennial-owned household, at least one of the property's owners had to be born between 19. RentCafe found nearly 52% of millennial households – which includes groups of people living together under one roof – owned a home in 2022 based on data looking at owner and renter households across 260 U.S. Skyrocketing home prices haven’t stopped millennials from buying real estate, allowing the cohort to finally switch over to having a greater share of homeowner households than renter households, according to a new report from RentCafe. Clarification: This story has been updated to make clear that RentCafe found that there are more millennial homeowner households than renter households based on data looking at 260 U.S.

Millumin generation