Majority of Millennials Are Now Homeowners
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Majority of Millennials Are Now Homeowners
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Re: Majority of Millennials Are Now Homeowners
#2> The average Millenial buyer bought their first home at 34, compared with Gen X’s average age of 32 and Boomers at 33.
I’m surprised these are that high. The typical thing people think going back is that boomers and Gen X got married at 24 and 27 and then bought houses. Clearly not.
Re: Majority of Millennials Are Now Homeowners
#3> The average Millenial buyer bought their first home at 34, compared with Gen X’s average age of 32 and Boomers at 33. I’m surprised these are that high. The typical thing people think going back is that boomers and Gen X got married at 24 and 27 and then bought houses. Clearly not.
There’s a mythology that boomers could just graduate from high school and buy a house and two cars on one income at a factory. Then they could work for that same factory until retiring with a pension. Mom could stay home with the kids who could then all go to college with no debt.
Re: Majority of Millennials Are Now Homeowners
#4I feel like there’s a meaningful difference between owning a home outright, and ‘owning’ a home with a $10,000 down payment and a 30-year mortgage. What percentage of millennials actually own their homes?
Re: Majority of Millennials Are Now Homeowners
#5> The average Millenial buyer bought their first home at 34, compared with Gen X’s average age of 32 and Boomers at 33. I’m surprised these are that high. The typical thing people think going back is that boomers and Gen X got married at 24 and 27 and then bought houses. Clearly not.
Many Boomer men also had to spend a couple years as military conscripts, so that set them back in terms of establishing a career and earning enough money to buy a home.
Re: Majority of Millennials Are Now Homeowners
#6From the cited study:
> For this study, we looked at the number of owner-occupied properties/households and renter households for each generation across 260 U.S. metro areas available from IPUMS
Anecdotally, I don’t know any millennials that owns a home, or know anyone that knows a millennial that owns a home, but I can think of a half dozen plus gen x/baby boomers that claim investment properties as owner-occupied.
¯\_(ツ)_/¯
Study link: https://www.rentcafe.com/blog/rental-market/market-snapshots...
Re: Majority of Millennials Are Now Homeowners
#7I feel like there’s a meaningful difference between owning a home outright, and ‘owning’ a home with a $10,000 down payment and a 30-year mortgage. What percentage of millennials actually own their homes?
I'd like to hear the %s for the other generations too, then. Many Gen X are still paying off their homes and I bet even some boomers are still as well.
(Not to mention everyone that was underwater from 2008...)