The Gen Z generation is tracking ahead of Millennials and Gen X for homeownership, a new Redfin study shows—but the housing market threatens to create inequality across generations as those who didn’t buy homes in the past three years now face elevated prices and mortgage rates.
KEY FACTS
Roughly 30% of 25-year-olds in 2022—the oldest of the Gen Z (born between 1997 to 2013)—owned their home in 2022, a slightly higher percentage than the 28% of Millennials (born between 1981 to 1996) who owned homes at that age and the 27% of Gen Xers (born between 1965 and 1980)—but lower than the rate for Baby Boomers (born between 1946 and 1964), 32% of whom owned homes at age 25.
While Gen Z is ahead of their parents’ generation, Millennials are still tracking behind—62% of 40-year-old Millennials owned a home in 2022 compared with the 69% homeownership rate for Baby Boomers at that age.
The oldest of Gen Z were buying houses during the purchasing boom in 2020 and 2021, while the oldest Millennials reached age 25 right around the 2008 mortgage crisis.
Gen Z homebuyers have been flocking more toward affordable parts of the country, like Virginia Beach, Virginia, and Cincinnati, while Millennial buyers are more prevalent in job centers like Seattle and Philadelphia.
www.businessinsider.com/gen-z-higher-homeownership-rates-than-millennials-at-age-25-2023-4
I guess all of their tik-toking, youtubing, and instagraming is starting to pay off? Many of these Zoomers have internet side-hustles to make extra money.
AC