Millennials are no longer just “generation rent,” they’re “generation buy.”
In a surprising turn of events, millennials have officially taken over the homeownership game. After years of being dubbed the “Generation Rent,” a recent study revealed that for the first time ever, 51.5% of millennials now own their own place.
That’s right, folks, millennials have finally left the rental market in the dust!
But wait, there’s more. While many millennials have achieved their dream of owning a home, some still feel the crushing weight of reality. A whopping 18% of millennials still believe that they will “rent forever.” Ouch.
So, what changed? Well, it turns out that the pandemic was a blessing in disguise for prospective buyers. With mortgage rates hitting historic lows, many millennials saw their chance and took it.
The window of historic low interest rates has since closed, the number of millennial homeowners continues to rise.
According to RentCafe, a popular apartment listing service, there are now 18.2 million millennial homeowners in the US.
That’s a staggering 28% increase from 2019.
As a result, the number of millennials who own their own place now outweighs those who have a landlord by 1 million, with 300,000 people leaving rental arrangements in 2022 alone.
But don’t count out the baby boomers just yet.
They still dominate the property market, making up over 40% of American homeowners. It seems that millennials still have a ways to go before they can truly take over.
What does this mean for Gen Z, you may ask?
Well, if history is any indication, they may have to wait until 2038 before the majority of them have their own place. Let’s hope they have better luck than the millennials did.
It’s clear that the tides are changing when it comes to homeownership. While there are still hurdles to overcome, it’s exciting to see so many young people achieving their dream of owning a home.