Homeownership is seen as a rite of passage for some, but the current housing market is making that dream unattainable for more and more young people. Research from the Berkley Institute for Young Americans found that people younger than 44 are purchasing homes at a far slower rate than those aged 60 and older did at the same age.
Although reports have found that renting is cheaper than buying in nearly all of the top 50 largest metro areas, some Americans are still taking the leap.
A recent report from RentCafe found that Millennials, those born between 1996 and 1981, represent a greater share of homeowner households than renter households.
Where are Millennials settling down?
Millennials, who represented about 28% of homebuyers nationwide last year, are settling down and buying homes across the U.S., but have a stronghold in the South. Homeowners aged 25-44 represent about half of all homeowners in Killeen and Austin, Texas, and Clarksville, Tennessee, according to a Moneygeek analysis of American Community Survey data.
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In the past decade, Temple, Texas, experienced a 75% increase of homeowners aged 25-44, the highest in this age group. Odessa, College Station and Midland, Texas experienced growth that surpassed 50% during the same time period.
Where are GenZ homeowners purchasing real estate?
GenZ represent about 4% of homeowners nationally. But in Provo Utah, people younger than 25 make up nearly 40% of all homeowners, the largest…
