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.

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.

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.

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.

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.

Among all home buyers in the United States in 2024, first time home buyers accounted for approximately ** percent of the total. The share of first time home buyers among all home buyers in the United States has fluctuated significantly between 2003 and 2024 having had the highest share of first time home buyers of ** percent in 2010.

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 ****** respondents in the U.S., approximately ** 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 ** percent. During the same period, roughly ** percent of U.S. adults were planning a home purchase in the next year.

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.

According to a survey conducted among over ****** respondents in the United States, approximately ** percent of home buyers who were looking to buy a home in the next 12 months would prefer a newly-built home as of the second quarter of 2023. This result reflected a significant change from 2021, when ** percent of respondents preferred a newly built home. Among different generation groups, millennials had the strongest preference for new over existing housing (** percent). During the same period, roughly ** percent of U.S. adults were planning a home purchase in the next year.

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.

About ** percent of homebuyers in the United States in 2024 had a median household income of over ******* U.S. dollars. This was the median income range with the largest share of homebuyers in the United States that year. The second-largest category was buyers with a median income of between 100,000 and ******* U.S. dollars, who accounted for ** percent of all buyers.

The homeownership rate was the highest among Americans in their early 70s and the lowest among people in their early 20s in 2023. In that year, approximately ** percent of individuals aged 70 to 75 resided in a residence they owned, compared to approximately **** percent among individuals under the age of 25. On average, **** percent of Americans lived in an owner-occupied home. The homeownership rate was the highest in 2004 but has since declined.

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.

The majority of home buyers in the United States in 2024 across all age groups purchased a home between ***** and ***** square feet in size. ** percent of the young millennials (26 to 34 years old) and ** percent of the silent generation (79 to 99 years old) purchased a home about the same feet in size.

About ** percent of younger millennials (ages 26 to 34) bought a house in the United States in 2024 because they desired to have their own home, compared to ** percent of the older millennials. For the older generations, like the older boomers (ages 70 to 78) and the silent generation (ages 79 to 99), the main reason for purchasing homes in 2024 was to move closer to family, friends, and relatives.

In a September 2020 survey among adults in the United States, many respondents said that the COVID-19 pandemic did not change their interest in buying a home. Millennials were most likely to have changed their homeownership plans: ** percent of Millennials were more interested in buying a home due to the COVID-19 pandemic compared with **** percent of Baby Boomers.In the United States, the 2020 homeownership rate reached **** percent.

The homeownership rate in the United States declined slightly in 2023 and remained stable in 2024. The U.S. homeownership rate was the highest in 2004 before the 2007-2009 recession hit and decimated the housing market. In 2024, the proportion of households occupied by owners stood at **** percent in 2024, *** percentage points below 2004 levels. Homeownership since the recession The rate of homeownership in the U.S. fell in the lead up to the recession and continued to do so until 2016. Despite this trend, the share of Americans who perceived homeownership as part of their personal American dream remained relatively stable. This suggests that the financial hardship caused by the recession led to the fall in homeownership, rather than a change in opinion about the importance of homeownership itself. What the future holds for homeownership Homeownership trends vary from generation to generation. Homeownership among Americans over 65 years old is declining, whereas most Millennial renters plan to buy a home in the near future. This suggests that homeownership will remain important in the future, as Millennials are forecast to head most households over the next two decades.

According to a June 2020 survey, ** 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 (** percent) or to nearby suburbs (** 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.

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

In 2022, the average credit score of Gen Z mortgage applicants in the top 10 metros for Gen Z home buyers in the United States was between *** and ***. Salt Lake City, UT, which was the hottest market for Generation Z home buyers, had an average credit score of ***. Out of the ** most popular metros, Cincinnati, OH, was the most affordable.