Manya Rathore
Research expert covering India
U.S. millennials homeownership - statistics & facts
If one were to picture what the American dream means to most Americans, some obvious elements include a successful career, a happy family, and of course, homeownership. The idea of homeownership as a symbol of success is so deeply ingrained in American culture that it is rarely questioned. However, in recent years this has shown signs of change, with millennials, often defined as adults born between 1980 and 1999, entering the housing market later than older generations. For some, that may be a lifestyle choice, but for the majority, the reason is much more trivial: Today鈥檚 housing market is substantially different than the housing market earlier generations had to enter. The shortage of newly built homes has led to a highly competitive market with house prices growing much faster than incomes. Millennials not only have to put down higher down payments, but they also face rising rental costs in the process. In 2022, homeownership among 34- to 44-year-olds was still notably lower than among the older generations.
