04/21/2023
It's tougher than ever to save for a down payment and buy a starter home amid rising rent prices and creeping mortgage rates. But millennials (those born between 1981-1996) are now reaching middle age and finally starting to earn enough money to afford the costs.
With 52% of Millennials now owning a home, the largest generation in the nation transitioned from renter-majority to owner-majority. Over the past five years, their homeownership increased by 7 million, outpacing Gen X (who came in second) by more than triple.
Despite dominating the renting market with 17.2 million households, Millennials now have 18.2 million homeowners. Gen Z (born 1997 to 2013) remains the renter-majority generation, with 74% renting.
The average first-time Millennial homebuyer was 34 years old.
Time to go from renting to owning; let us help secure a home loan for you. Call (816) 852-0889 today!
