The latest Millennial Homeownership Report by Apartment List explores generational gaps in homeownership and what the future holds for the nation’s largest generation. The data finds that when members of older generations were the same age as millennials are now, they owned homes at notably higher rates. Although this gap has narrowed, now 18 percent of millennials believe they will always rent—up significantly from 12 percent last year.
Here are some key takeaways from the report:
• At age 30, 42 percent of millennials own homes, fewer than Gen Xers (48 percent) and Baby Boomers (51 percent) when they were the same age.
• Among millennials who do not currently own homes, 18 percent say that they expect to rent forever, up significantly from 12 percent in last year’s survey.
• Among millennial renters who do plan to purchase homes, 63 percent do not have any dedicated down payment savings set aside, and only 15 percent have saved more than $10,000.
• Generational homeownership trends exhibit significant disparity by race—while white millennials have nearly closed the generational gap, Black millennials have both the lowest homeownership rate and the largest gap compared to older generations.
Visit www.apartmentlist.com/research/millennial-homeownership-2021 to view the full report.
—Submitted by www.ApartmentList.com
