Numbering just over 75 million, today’s 21- to 37-year-olds—millennials—are the largest generation in US history. They are more tech savvy, more racially and ethnically diverse, and more educated, and they marry and have children later in life than previous generations.
And though most millennials have now entered peak household formation and homebuying years, they are becoming homeowners later and at lower rates.
Our new, extensive Millennial Homeownership report finds that the homeownership rate of millennials between the ages of 25 and 34 was 37 percent in 2015, approximately 8 percentage points lower than the homeownership rate of Gen Xers and baby boomers at the same age.
If the homeownership rate for millennials had stayed the same as previous generations, there would be about 3.4 million more homeowners today.