After Millennials, Gen Z, or the adults born between 1997 and 2003, are next in line to enter the housing market in the United States. According to a survey conducted among over 15,000 respondents in the U.S., approximately 47 percent of Gen Zers who were planning to purchase a home in the next 12 months were also actively looking for one as of June 2022. In comparison, in the second quarter of 2021, this percentage was much higher at 64 percent. During the same period, roughly 18 percent of U.S. adults were planning a home purchase in the next year.

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.

Home buyer statistics from 100+ million applications showing generational differences in loan amounts and down payments by Homebuyer.com.

The US residential real estate market is projected for steady growth (2.04% CAGR) through 2033, driven by factors like population increase and evolving housing preferences. Discover key trends, market segmentation analysis, and leading companies shaping this dynamic sector. Key drivers for this market are: Investment Plan Towards Urban Rail Development. Potential restraints include: Italy’s Fragmented Approach to Tenders. Notable trends are: Existing Home Sales Witnessing Strong Growth.

ZIP codes with the highest number of Early Millennial home purchases in 2024.

In 2022, San Jose, CA, was the hottest market for millennial homebuyers in the United States. Millennials in San Jose were responsible for nearly ** percent of the house purchase requests. Denver, CO, and Boston, MA, completed the top three with over ** 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 ***** 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.

MSA YoY_Growth_pct Homeownership_pct GenZ_HH Category Detroit 40.7 33.6 207196 High-Growth, High Homeownership (Top Right) Chicago 32.5 30.1 276704 High-Growth, High Homeownership (Top Right) Phoenix 1.4 29.5 200333 Low-Growth, High Homeownership (Top Left) Austin 32.2 27.9 182513 High-Growth, High Homeownership (Top Right) Miami 10.6 27.8 226123 Low-Growth, High Homeownership (Top Left) Dallas 14.3 24.4 388053 Low-Growth, High Homeownership (Top Left) Atlanta 33.8 22.1 269112 High-Growth, High Homeownership (Top Right) Philadelphia 52.3 20.9 262003 High-Growth, High Homeownership (Top Right) Los Angeles 34.7 18.8 495543 High-Growth, Low Homeownership (Bottom Right) Denver 32.2 18.3 186062 High-Growth, Low Homeownership (Bottom Right) Boston 30.1 17.6 204983 High-Growth, Low Homeownership (Bottom Right) Washington 11.2 17.4 233899 Low-Growth, Low Homeownership (Bottom Left) New York 29 16 669631 Low-Growth, Low Homeownership (Bottom Left) Houston 4.1 15.3 254354 Low-Growth, Low Homeownership (Bottom Left) Seattle 7.7 10.7 183534 Low-Growth, Low Homeownership (Bottom Left)

ZIP codes with the highest number of Late Millennial home purchases in 2024.

According to a survey conducted among over 15,000 respondents in the U.S., between 36 and 55 percent of home buyers who were actively looking to buy a home in the next 12 months were not able to find one at a price they could afford as of the second quarter of 2023. Approximately ** percent of millennials struggled to find a home at an acceptable price, while for Baby Boomers, this percentage was higher at ** percent. According to the source, the main reason for the decline across all generations except for baby boomers was that respondents reported other reasons, such as getting outbid by other buyers or the inability to find a home in the desired neighborhood. In the second quarter of 2023, roughly ** percent of U.S. adults were planning a home purchase in the next year.

ZIP codes with the highest number of Gen Z home purchases in 2024.

Owning a home has traditionally been an integral part of the "American dream", but for millennials entering the housing market has been notoriously difficult. Between 2018 and 2022, the share of millennials in the United States who expect to always rent their home increased from **** to **** percent. As the youngest demographic in the housing market, people under 35 years have a homeownership rate much lower than any other generation.

2018 2024 Under 45 65.0% 66.4% 45-54 17.2% 15.8% 55-64 11.0% 10.7% 65-74 5.5% 5.5% 75+ 1.4% 1.7%

Average household income, debt-to-income ratios, and area median income comparisons for Early Millennial home buyers.

A housing market prediction that many experts agree on is that it will be a seller’s market. Home prices are expected to rise for some time due to increased demand and limited supply. Millennials are at the age to start investing in the real estate market for the first time. Hence, the demand for residential and commercial projects is rising with every passing day. The future of real estate will witness a rise in demand and limited supply, resulting in it being a seller’s market.

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Average household income, debt-to-income ratios, and area median income comparisons for Late Millennial home buyers.

Discover the booming global residential real estate market! Our comprehensive analysis reveals a $11.14 billion market in 2025, projected to grow at a 6.07% CAGR through 2033. Explore key drivers, regional trends, and leading companies shaping this dynamic industry. Recent developments include: December 2023: The Ashwin Sheth group is planning to expand its residential and commercial portfolio in the MMR (Mumbai Metropolitan Area) region, India., November 2023: Tata Realty and Infrastructure, a wholly-owned subsidiary of Tata Sons, plans to grow its business with more than 50 projects in major cities in India, Sri Lanka and the Maldives. The projects have a development potential of more than 51 million square feet.. Key drivers for this market are: Rapid urbanization, Government initiatives. Potential restraints include: Rapid urbanization, Government initiatives. Notable trends are: Increased urbanization and homeownership by elderly.

Average household income, debt-to-income ratios, and area median income comparisons for Gen Z home buyers.

Discover the booming global housing rental service market! This comprehensive analysis reveals key trends, growth drivers, and challenges impacting short-term and long-term rentals, along with insights into leading companies and regional variations. Explore market projections to 2033 and uncover lucrative investment opportunities.

In 2021, about ** percent of millennials in the United States (aged 25 to 40 years) claimed that big cities and large metropolitan areas were unaffordable in terms of housing. Further ** percent also included suburban areas to the list of unaffordable places. Around half of all millennials surveyed were unhappy with their current housing location, and ** percent would move for job opportunities.

The Residential Mortgage Service market is projected to reach a value of XXX million by 2033, expanding at a CAGR of XX% during the forecast period. This growth is attributed to increasing disposable income, urbanization, and the growing number of first-time homebuyers. Additionally, government initiatives and favorable interest rates have further fueled market expansion. Key market drivers include the rising demand for affordable housing, technological advancements in mortgage processing, and the expansion of the real estate sector. The market is segmented based on application, type, and region. The first-time buyer segment is expected to witness significant growth due to the increasing number of millennials entering the housing market. The purchase segment dominates the type category, driven by the rising demand for new homes. In terms of region, North America is anticipated to hold the largest market share owing to the presence of a large and well-established mortgage industry. Asia Pacific is projected to exhibit the highest growth rate during the forecast period due to the increasing urbanization and growing middle class. Major market players include Accenture, Residential Mortgage Services, Bigelow LLC., Cummings Mortgage Service, and East Shore Mortgage Services.