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.

Percentage of Early Millennial buyers using conventional, FHA, VA, and USDA mortgages.

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.

Percentage of Late Millennial buyers using conventional, FHA, VA, and USDA mortgages.

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.

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.

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.

Age of Applicant NFBP, Purchase, Closed-End, First Lien ARM Share by Age 35-44 768,115 7.0% 25-34 962,284 5.1% 45-54 453,331 6.5% 55-64 304,683 6.2% 65-74 154,850 6.1% <25 193,899 3.0% 75+ 47,866 5.4%

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.

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.

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.

Furniture Rent-to-Own Platform Market Outlook

According to our latest research, the global Furniture Rent-to-Own Platform market size reached USD 6.8 billion in 2024, reflecting robust demand across both developed and emerging economies. The market is projected to expand at a CAGR of 7.9% from 2025 to 2033, reaching an estimated USD 13.7 billion by 2033. This impressive growth trajectory is primarily fueled by shifting consumer preferences toward flexible ownership models, increasing urbanization, and a growing millennial workforce seeking cost-effective and hassle-free furnishing solutions.

One of the most significant growth factors propelling the Furniture Rent-to-Own Platform market is the increasing preference for asset-light lifestyles among urban consumers, particularly millennials and Gen Z. As homeownership rates decline and mobility increases, consumers are seeking alternatives to traditional furniture purchasing. Rent-to-own platforms offer a flexible, affordable, and convenient solution, allowing users to access high-quality furniture without the burden of large upfront costs or long-term commitments. Furthermore, the rise of remote work and frequent relocations has made temporary furniture solutions more attractive, further driving demand for these platforms. The integration of digital technologies, such as AI-driven personalization and seamless online interfaces, has also enhanced the customer experience, making furniture rental more accessible and appealing.

Another key driver is the burgeoning commercial sector’s adoption of furniture rent-to-own solutions. Startups, small businesses, and even large enterprises are increasingly leveraging these platforms to furnish offices, coworking spaces, and pop-up stores without significant capital expenditure. This trend is especially pronounced in metropolitan cities where real estate and operational costs are high. The rent-to-own model provides businesses with the agility to scale up or down based on their requirements, thus optimizing costs and minimizing waste. Additionally, the growing emphasis on sustainability and circular economy principles is encouraging both consumers and businesses to opt for rental solutions, as they promote reuse and reduce environmental impact.

The expansion of e-commerce and digital payment infrastructure has also played a pivotal role in the growth of the Furniture Rent-to-Own Platform market. Online platforms have democratized access to a wide variety of furniture options, enabling customers to browse, compare, and select products from the comfort of their homes. The proliferation of mobile applications and the integration of advanced logistics solutions have made the rental process seamless and efficient. This digital transformation has not only improved customer acquisition and retention for platform providers but has also facilitated the entry of new players, intensifying competition and fostering innovation within the industry.

From a regional perspective, North America currently dominates the market, accounting for the largest share in 2024, followed by Europe and Asia Pacific. The United States, in particular, has witnessed widespread adoption of rent-to-own platforms, driven by high urbanization rates, a large student population, and a dynamic housing market. However, the Asia Pacific region is expected to exhibit the fastest growth over the forecast period, supported by rapid urbanization, rising disposable incomes, and a burgeoning middle class. Emerging markets in Latin America and the Middle East & Africa are also showing promising potential, as digital adoption and awareness of rental models continue to rise.

Product Type Analysis

The Furniture Rent-to-Own Platform market is segmented by product type into Home Furniture, Office Furniture, Outdoor Furniture, and Others. Home furniture constitutes the largest segment, driven by the growing trend of renting sofas, beds, dining sets, and wardrobes among urban dwellers, students, and young professionals. The flexibility to frequently update home aesthetics without significant financial commitment has made rent-to-own platforms particularly attractive in this segment. Providers are increasingly offering customizable packages and subscription models that cater to varied lifestyle needs, further enhancing the appeal of home furniture rentals. The integration of smart and modular furniture options is also gaining traction, as consumers seek solutions that align with modern livi

The homeownership rate was the highest among Americans in their early 70s and the lowest among people in their early 20s in 2024. In that year, approximately **** percent of individuals aged 70 to 74 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.

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.

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.

In 2019, ** percent of Gen Z and Millennial home buyers put down a down payment of less than ** percent when buying their current home in the United States, whereas only ** percent of Boomers and Silent Generation buyers did the same.

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.

Percentage of home buyers using conventional, FHA, VA, and USDA mortgages across different age groups.