Apartment List's Millennial Homeownership Report highlights the plight of millennials struggling to buy a home.
According to the latest data from the Census Bureau, millennials have finally reached a significant milestone: more than half own their homes. For a generation whose identity has been shaped by a tumultuous relationship with the housing market, homeownership has been a lofty goal, growing exceedingly expensive and competitive compared to when their parents were coming of age. But today the median millennial is a homeowner, with the latest millennial homeownership rate standing at 51.5 percent.
While millennials crossed the 50-percent threshold in 2022, generation X is on the cusp of reaching 70 percent. 77 percent of the silent generation owns their homes, but their homeownership rate is slowly declining as they age into their 80s and 90s and some members move in with younger relatives or into assisted living facilities. Baby boomers, born into the suburbs that emerged rapidly after World War II, maintain the nation's highest homeownership rate today at 78 percent.