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June 23, 2014

Millennials Hold on Homeownership

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millennials on homeowership

Did You Know that the homeownership rate for young Americans under 35 is at its lowest ever? The rate is down to 36 percent for Millennials, our largest generation making up 25 percent of the U.S. population.

This is nearly 14 percentage points below the rate for Baby Boomers at roughly the same stage of life. In fact, since 1940 the annual homeownership rate for young Americans has typically been above 40 percent.

So why aren’t more young people buying homes? For starters, student loan debt and the job market — the unemployment rate is seven percent for this age group. The percentage of people under 30 with more than $50,000 in student debt doubled from 5 to 10 percent between 2009 and 2012. In those same years, the homeownership rate fell twice as much for 30 year-olds with student loans as it did for those without such debt.*

Millennials are also charting a new course. Compared to previous generations, they are waiting longer to get married, start a family and buy their first home.

Read other Did You Know? posts in our series on National Homeownership Month.

*The Washington Post

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