After millennials, Gen Z, or the adults born between 1997 and 2003, are next in line to enter the U.S. housing market. According to a survey conducted among over 15,000 respondents in the U.S., approximately 25 percent of Gen Zers were planning to purchase a home in the next 12 months as of June 2023. This was an increase from the same quarter in 2022 when ** percent of Zoomers were planning a home purchase. As house prices and interest rates continue to rise, the fluctuation in homebuyer sentiment can be seen among all generation groups.

This statistic shows the share of Millennial home buyers in selected cities in the United States in 2017. Washington, DC had the second highest share of Millennial home buyers in the U.S. with Millennials accounting for ** percent of all home buyers in that city.

About ** percent of homebuyers in the United States in 2024 were young Boomers, making them the generation with the largest share of homebuyers in the United States that year. On the hand, generation Z buyers made up only **** percent of homebuyers.

In 2022, San Jose, CA, was the hottest market for millennial homebuyers in the United States. Millennials in San Jose were responsible for nearly 64 percent of the house purchase requests. Denver, CO, and Boston, MA, completed the top three with over 60 percent of purchase requests. Which are the states with the youngest population in the U.S.? It should come as no surprise that the demographic composition plays a central role in the development of the housing market in different states. In 2020, the median age in the United States was 38.2 years, but some states, such as Alaska, District of Columbia, and Utah had much younger population. In contrast, Maine, Puerto Rico, and Hampshire had the highest median age of population. Millennials’ attitudes towards homeownership While many millennials have given up on homeownership, one in three people share that they are in the process of saving for a home purchase. These results suggest that young Americans have not entirely given up on the American dream of owning a home of their own.

Approximately ** percent of Americans aged 26 to 34 who bought a home were first-home buyers, whereas ** percent of home buyers between 35 and 44 bought their first home in that year. Gen Z and Millennial first-time buyers It is no surprise that many Gen Z (18 to 24 years old) and Millennial (25 to 43 years old) home buyers are mostly first-time home buyers. These home buyers are in the early stages of their careers, or still studying in some cases, and often struggling to repay student debt, so they need to save for many years before they afford a down payment. When do they sell? These generations tend to stay in their first homes for several years, which means that the majority of home sellers are older than them. The share of income needed to afford a trade-up home is significantly lower than the money needed for a starter home. A trade-up home is a larger and more expensive home, which homeowners often buy after living in their starter home, or their first home, for several years. This progression generally happens when homeowners have climbed the career ladder and increased their incomes.

When asked when they expect to buy a home, the majority of prospective millennial home buyers responded responded that they plan to buy a home in more than one year. Only ** percent of the millennials surveyed in 2022 were planning a purchase within the next year.

In 2022, Salt Lake City, Utah, was the hottest market for Generation Z home buyers in the United States. Gen Zers in Salt Lake City were responsible for over nine percent of mortgage requests in that metropolitan area. According to the source, affordability plays a role in choosing a home: The average loan amount in the most popular housing markets was between roughly 198,000 and 340,000 U.S. dollars. In 2021, the median price of a single-family home stood between 350,000 U.S. dollars and 538,000 U.S. dollars, depending on the region.

This statistic shows the leading reasons why Millennials buy their first home in the United States in 2017. During the survey, ** percent of the respondents bought their first home to get better space/yard for their dog.

This statistic shows the style of homes preferred by Millennial home shoppers in the United States in 2018. Contemporary homes and colonial homes were the most popular among Millennial home shoppers with *** percent of respondents indicating those styles as their favorites.

In April 2019, ** percent of Millennial renters in the United States said that renting was a good choice for now and they cannot afford to buy a home, but would like to purchase a home as some point. However, ** percent said that renting was a good choice for them for now, even though they could afford to buy a home and will at some point. In February 2018, half of Millennial renters said they couldn't afford to own at the moment and only ** percent said that they could afford to buy a home at that time.

In April 2019, exactly half of older Millennial renters said they planned to continue renting in the United States and the other half said they planned to purchase a home. In August 2017, 54 percent planned to buy a home in the near future, so the trend towards homeownership has fallen slightly in this age group.

According to a June 2020 survey, 45 percent of Millennials in the United States wishing to buy a house within the next year expect that they will receive financial assistance from family and friends. Around four in five respondents said that they wanted to move either within their current city (49 percent) or to nearby suburbs (31 percent).Although Millennials have already entered the U.S. housing market, homeownership for this demographic is still much lower than for any other age group in the United States.

When purchasing a house in the United States in 2024, the majority of all home buyers across all age groups purchased a home for an amount between ** and *** percent of the asking price. Millennial buyers (between 35 and 44 years old) made up the larger share of buyers who paid above the asking price for their homes.

This statistic shows the most important property factors for Millennials when shopping for a home in the United States in 2016. During the survey, ** percent of respondents said that the property having an in-ground pool mattered to them when looking for a home to buy.

When choosing a neighborhood to buy a home in 2024, the quality of the neighborhood was one of the most important conditions to the majority of home buyers across all age groups in the United States. For young millennial buyers (ages ** to **), the convenience of the home from their jobs was also highly considered.

In a ************** survey among adults in the United States, there were more people of color (POC)Millennials that were currently saving up to buy a house (** percent) than that there were White Non-Hispanic Millennials (** percent).In the United States, the 2020 homeownership rate reached **** percent.

In the United States, Millennials were the generation with the largest share of consumers purchasing home and garden products online in the second quarter of 2023, with 61 percent. Gen Z followed behind with 29 percent.

In 2023, a survey conducted on Gen Z's perspective on property in Indonesia found that approximately 75 percent of respondents wanted to purchase property as an investment. Furthermore, about 43 percent of respondents stated that they purchased property due to the rising property prices.