(NewsNation) — The avocado toast, overpriced iced latte generation is finally buying homes.
According to Apartment List’s 2023 Millennial Homeownership Report, millennials have passed 50% homeownership, but they have, unsurprisingly, purchased homes more slowly than previous generations.
According to the latest data from the Census Bureau, 51.5% of millennials are now homeowners.
“As millennials slowly find their footing in the housing market, the homeownership challenges that have emerged over the past decade are now falling squarely on the shoulders of the next generation, Z.,” the ApartmentList report says. “Currently ages 25 and younger, the majority of gen Z renters have never known a healthy housing market, and in our renter survey already 20 percent describe themselves as “forever renters.” A recent softening in home prices is providing some relief, but it is also discouraging existing homes from being listed for sale, and discouraging new single-family homes from being developed, so it is likely a persistent supply shortage will keep prices from falling to widely-affordable levels.”
Millennials made it past the 50% threshold in 2022, but nearly 70% of Generation X owns a home. And 77% of the silent generation own homes, but their rate of homeownership is slowly declining.
| Generations | Born | Current Ages |
|---|---|---|
| Gen Z | 1997 – 2012 | 11 – 26 |
| Millennials | 1981 – 1996 | 27 – 42 |
| Gen X | 1965 – 1980 | 43 – 58 |
| Boomers II (a/k/a Generation Jones)* | 1955 – 1964 | 59 – 68 |
| Boomers I* | 1946 – 1954 | 69 – 77 |
| Post War | 1928 – 1945 | 78 – 95 |
| WWII | 1922 – 1927 | 96 – 101 |
Baby boomers maintain the nation’s highest homeownership rate at 78%.
According to a report from Bank of America, 70% of Generation X and baby boomer homeowners, plan to or have already retired in their current homes.