I see comics/memes posted about this constantly and while it is slightly true, it’s not true enough to really be funny, to me at least.
Millennials are tracking behind their parents: 62% of 40-year-olds owned their home in 2022, lower than the 69% rate for baby boomers at the same age.
62 vs 69% is a very meh difference, it’s still roughly 2 out of 3 people who’ve bought a house.
And Gen Z is actually tracking very slightly higher than Gen X:
Gen Zers are tracking ahead of their parents’ homeownership rate: 30% of 25-year olds owned their home in 2022, higher than the 27% rate for Gen Xers when they were the same age. But the Gen Zers who didn’t take advantage of the pandemic-era’s low mortgage rates could be left behind.
I think a lot of the sentiment comes from the absurd difficulty in getting there and maintaining it now. Single-salary home ownership is just dead and buried for the middle-class and even with more than one person working full-time, it’s a grinding slog to make monthly payments and expensive upkeep that never ends.
Also, backing up the request to check sources. Some data just asks if you live in an “owned home” and a vast number of young people are just living with their families and parents now through adulthood. That counts to some surveys as “owning a home.”
What’s your source for that? I’d like to see the methodology as it can make a huge difference
If I’m living with family because I can’t afford rent, some studies would consider me to be a homeowner because I reside in an owner-occupied home, despite the fact that would be a misleading statistic
Alternatively, if I’m living with a spouse/partner and they own the home, with only their name on the deed, I am still effectively a homeowner but may or may not be included depending on methodology
I see comics/memes posted about this constantly and while it is slightly true, it’s not true enough to really be funny, to me at least.
62 vs 69% is a very meh difference, it’s still roughly 2 out of 3 people who’ve bought a house.
And Gen Z is actually tracking very slightly higher than Gen X:
I think a lot of the sentiment comes from the absurd difficulty in getting there and maintaining it now. Single-salary home ownership is just dead and buried for the middle-class and even with more than one person working full-time, it’s a grinding slog to make monthly payments and expensive upkeep that never ends.
Also, backing up the request to check sources. Some data just asks if you live in an “owned home” and a vast number of young people are just living with their families and parents now through adulthood. That counts to some surveys as “owning a home.”
What’s your source for that? I’d like to see the methodology as it can make a huge difference
If I’m living with family because I can’t afford rent, some studies would consider me to be a homeowner because I reside in an owner-occupied home, despite the fact that would be a misleading statistic
Alternatively, if I’m living with a spouse/partner and they own the home, with only their name on the deed, I am still effectively a homeowner but may or may not be included depending on methodology
This fails to track the debt occured with those purchases