Millennials, or those who were born between 1981 and 1996, have been widely known as the generation that rents their homes. Mix in student loan debt and high cost of living and it makes sense why millennials have waited to buy, or have simply given up the thought of homeownership altogether. But according to a study conducted by RentCafe, more than half of the generation are now homeowners, with seven million millennials leaving their lives as renters behind and buying homes over the past five years.
RentCafe analyzed IPUMS data for cities and towns with populations of 500,000 or more to learn about homeownership trends in the country. Through this analysis, it was revealed that 52% of millennials now own a home. The pandemic may have had something to do with this rise of homeownership, as many moved back in with parents or simply delayed moving out. It proved to be an opportunity to save money for a down payment, and even with the increased cost of homes during the pandemic, millennial homebuyers rose almost 30% between 2019 and 2022.
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Wondering what city is on the rise when it comes to homeownership? It's none other than Richmond, Virginia. Cost of living in Richmond is also 3% lower than both the state and national average, which may be why the number of millennial homeowners there tripled over the last five years.
Even though more than half of millennials now own their own homes, they are still the generation that has the most renters, with 17.2 million renter households in the United States. To get the scoop on baby boomer, Gex X, and Gen Z homeownership stats as well, you can check out the full report here.