Majority of Millennials are Now Homeowners

A majority of Millennials are now homeowners, as the largest generation in the U.S. reaches homebuying age and transitions from a renter-majority to an owner-majority. 

Over the last five years, the number of Millennial homeowners increased by 7 million to reach 18.2 million in 2022, according to a report from RentCafe. Although the generation as a whole became an owner-majority, Millennials still make up the largest number of renters in the U.S. at 17.2 million.

The shift leaves Gen Z as the only renter-majority generation in the country, with a 74% share of the renting population and 4.5 million renters added since 2017. By the end of 2022, Gen Z reached 5.6 million renter households. Millennials are the generation born between 1981 and 1996, while Gen Z extends from 1997 to 2012.

The change in Millennial homeownership was especially notable in the New York area, despite the median home price remaining above $600,000 since 2018. The number of Millennial homeowners increased by 90% over the survey period. But the last five years also brought an 892% increase in Gen Z renters in New York. 

Of the nation’s top 50 largest metros, Richmond, VA, saw the highest jump in Millennial owners at 234%, triple the number that owned in 2017. The area’s low cost of living and reputation as a unique city drew Millennials to the region, according to RentCafe. Las Vegas followed Richmond with a 158% jump in Millennial homeowners, followed by Milwaukee at 157% growth.  

Florida was the fastest-growing state in 2022, and Millennials contributed to that growth. Overall it was the first choice for Millennials looking to buy a home. In North Port, located in South Florida, Millennial homeownership rose eightfold. Other areas like Port St. Lucie, Lakeland-Winter Haven and Pensacola also saw massive jumps in Millennial homeownership.

In more than a quarter of the metro areas analyzed by RentCafe, the number of millennial homeowners doubled between 2017 and 2022. Millennials also purchased their homes at slightly older ages than their parents and grandparents. The average Millenial buyer bought their first home at 34, compared with Gen X’s average age of 32 and Boomers at 33.

Overall, by the end of 2022, Gen X accounted for 10.6 million of the nation’s renters and 2.4 million of the nation’s homeowners. Baby Boomers make up the largest portion of the homeowner population at 32.1 million owners, and account for 9.1 million renters in the U.S. More than 18 million Millennials own their homes, and 17.2 million are renters.  

Gen Z accounts for 5.6 million of the nation’s renters and about 2 million of the nation’s homeowners, as the oldest members of that generation are 26 years old.