{"id":76127,"date":"2023-04-21T05:00:13","date_gmt":"2023-04-21T12:00:13","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76127"},"modified":"2023-04-21T09:35:27","modified_gmt":"2023-04-21T16:35:27","slug":"gen-z-millennial-homeownership-rate-home-purchases","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/gen-z-millennial-homeownership-rate-home-purchases\/","title":{"rendered":"The Race to Homeownership: Gen Z Tracking Ahead of Their Parents\u2019 Generation, Millennials Tracking Behind"},"content":{"rendered":"<ul>\n<li><i><span style=\"font-weight: 400;\">Gen Zers are tracking ahead of their parents\u2019 homeownership rate: 30% of 25-year olds owned their home in 2022, higher than the 27% rate for Gen Xers when they were the same age. But the Gen Zers who didn\u2019t take advantage of the pandemic-era\u2019s low mortgage rates could be left behind.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Millennials are tracking behind their parents: 62% of 40-year-olds owned their home in 2022, lower than the 69% rate for baby boomers at the same age.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Millennials buy more homes than other generations, with 25-44 year olds buying roughly 60% of homes that sold over the last several years. Those \u201cmortgage millennials\u201d have an edge over millennials who missed out on buying before rates shot up.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Gen Z homebuyers are most common in affordable parts of the country like Virginia Beach, where they bought 9% of homes sold in 2022. Millennial buyers are most prevalent in job centers like Seattle, where they bought more than 40% of homes sold.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Some Gen Zers were able to take advantage of record-low mortgage rates in 2020 and 2021 to buy homes, putting the generation on a slightly better homeownership trajectory than their parents. But those who didn\u2019t buy homes during that period may struggle to break into the market now that housing costs have shot up and the economy is showing signs of <\/span><a href=\"https:\/\/www.wsj.com\/articles\/lending-slowed-economy-cooled-after-bank-failures-fed-report-shows-71872a5a\"><span style=\"font-weight: 400;\">slowing<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearly one-third (30%) of 25-year-olds owned their home in 2022. That\u2019s slightly higher than homeownership rates for millennials (28%) and Gen Xers (27%) when <\/span><i><span style=\"font-weight: 400;\">they <\/span><\/i><span style=\"font-weight: 400;\">were 25, and slightly lower than the rate for baby boomers (32%) when they were 25.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-76128 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Gen-Z-on-Track-With-Older-Generations-1.png\" alt=\"\" width=\"1163\" height=\"767\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Gen-Z-on-Track-With-Older-Generations-1.png 1163w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Gen-Z-on-Track-With-Older-Generations-1-300x198.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Gen-Z-on-Track-With-Older-Generations-1-1024x675.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Gen-Z-on-Track-With-Older-Generations-1-768x506.png 768w\" sizes=\"(max-width: 1163px) 100vw, 1163px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Gen Zers were <\/span><a href=\"https:\/\/www.beresfordresearch.com\/age-range-by-generation\/\"><span style=\"font-weight: 400;\">10-25 years old<\/span><\/a><span style=\"font-weight: 400;\"> in 2022 (born 1997-2012); only adult Gen Zers (19-25 years old) were included in this analysis. Millennials were 26-41 (born 1981-1996) in 2022, Gen Xers were 42-57 and baby boomers were 58-76. Scroll to the bottom of this report for more methodology information.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gen Zers tracking along with their parents\u2019 homeownership rate is counter to the common narrative that it\u2019s more difficult for today\u2019s 20-somethings to buy homes than in generations past. In fact, Gen Z homeowners spent the same portion of their income on housing in 2021 (the most recent year for which income data is available) as they did three decades earlier. A 25-year-old\u2019s median monthly mortgage payment was $1,013 in 2021, 16% of their $74,900 median income. That\u2019s compared with a median $904 monthly payment for a 25-year-old in 1990, 16% of their $69,419 median income (adjusted for inflation). It\u2019s worth noting that 25-year-olds buying a home now likely spend a higher portion of their income on monthly payments than those who bought in 2021, as mortgage rates have increased.\u00a0<\/span><\/p>\n<h4>Young adults rode the rising tide of low mortgage rates and a strong job market to buy homes during the pandemic<\/h4>\n<p><span style=\"font-weight: 400;\">Many Gen Zers took advantage of <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">3%<\/span><\/a><span style=\"font-weight: 400;\"> mortgage rates to become homeowners\u00a0 in 2020 and 2021. The typical mortgage rate for homebuyers under 25 using a conventional loan was 3.3% in 2020 and 3.1% in 2021. They have also benefited from a strong job market and double-digit wage growth. For 16-24 year olds, wages rose 12% from a year earlier in January, roughly <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-13\/gen-z-americans-keep-spending-in-face-of-high-inflation-consumer-prices?sref=fRZXrT1O#xj4y7vzkg\"><span style=\"font-weight: 400;\">double<\/span><\/a><span style=\"font-weight: 400;\"> the increase for the overall population. Young adults\u2019 incomes have risen quickly largely thanks to the tight pandemic-era <\/span><a href=\"https:\/\/www.cnbc.com\/2023\/02\/03\/us-unemployment-hit-a-historic-low-economists-arent-sure-itll-stick.html\"><span style=\"font-weight: 400;\">labor market<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe rising tide lifted Gen Z homebuyers in 2020 and 2021; they were part of the pandemic-driven homebuying frenzy,\u201d said Redfin Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Daryl Fairweather<\/a>. \u201cRecord-low mortgage rates, remote work providing freedom to move somewhere more affordable and skyrocketing rental costs motivated some Gen Zers to break into the housing market. While the oldest of their generation had just graduated college when the pandemic started and hadn\u2019t started building up their bank accounts, they had some financial advantages. The unemployment rate was near <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/UNRATE\"><span style=\"font-weight: 400;\">record lows<\/span><\/a><span style=\"font-weight: 400;\"> in late 2021 and 2022, with pandemic-related labor shortages in industries that attract young workers like hospitality and retail prompting those employers to <\/span><a href=\"https:\/\/www.reuters.com\/business\/us-leisure-hospitality-pay-surges-record-now-will-workers-come-2021-06-04\/\"><span style=\"font-weight: 400;\">boost pay<\/span><\/a><span style=\"font-weight: 400;\">. Government stimulus payments, the pause on student loan repayments and the fact that many young adults lived with family during the lockdowns also helped Gen Zers save money.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Younger homebuyers need less money than their older counterparts because they tend to buy cheaper homes with smaller down payments. That\u2019s partly because people under 25 may be more flexible about home size and location than an older person who\u2019s more likely to have children and places more value on proximity to certain schools and their office.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In 2022, the typical primary residence purchased by someone under 25 cost $235,000 and came with a $10,000 down payment (assuming a conventional loan). That\u2019s compared to $355,000 ($30,000 down payment) for 25-34 year olds, and $405,000 ($50,000 down payment) for 45-54 year olds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gen Zers who don\u2019t yet own homes face several obstacles and may fall behind.\u00a0 Low mortgage rates helped some Gen Zers buy homes with relatively low incomes over the last few years, but many are priced out now that rates are above 6% and home prices remain <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-march-2023\/\"><span style=\"font-weight: 400;\">well above<\/span><\/a><span style=\"font-weight: 400;\"> pre-pandemic levels.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the Fed\u2019s interest-rate hikes may cause a <\/span><a href=\"https:\/\/www.cnn.com\/2023\/04\/12\/economy\/fed-march-minutes-banking-crisis\/index.html\"><span style=\"font-weight: 400;\">recession<\/span><\/a><span style=\"font-weight: 400;\">, which could set the generation back financially, and the average Gen Zer has even more <\/span><a href=\"https:\/\/www.stlouisfed.org\/on-the-economy\/2022\/aug\/how-does-gen-z-student-debt-compare-millennials\"><span style=\"font-weight: 400;\">student debt<\/span><\/a><span style=\"font-weight: 400;\"> than millennials (although higher education may lead to higher-paying jobs). And the Gen Zers who <\/span><i><span style=\"font-weight: 400;\">can <\/span><\/i><span style=\"font-weight: 400;\">afford a home may not find one, with a <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-new-listings-home-prices-fall\/\"><span style=\"font-weight: 400;\">limited supply<\/span><\/a><span style=\"font-weight: 400;\"> of homes for sale.\u00a0<\/span><\/p>\n<h4>Millennials, unlike Gen Zers, are tracking behind older generations\u2019 homeownership rates<\/h4>\n<p><span style=\"font-weight: 400;\">Sixty-two percent of 40-year-olds\u2013some of the oldest millennials\u2013owned their home in 2022. That\u2019s compared with 69% of baby boomers when they were 40 and 64% of Gen Xers when <\/span><i><span style=\"font-weight: 400;\">they <\/span><\/i><span style=\"font-weight: 400;\">were 40.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Younger millennials are also behind. Just over two in five (43%) 30-year-olds owned their home in 2022, compared with roughly half of baby boomers (52%) and Gen Xers (49%) when they were 30.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMillennials have been financially unlucky. Their parents had a more straightforward financial journey,\u201d said Redfin Chief Economist Daryl Fairweather. \u201cThe oldest millennials entered the workforce during the <\/span><a href=\"https:\/\/www.thebalancemoney.com\/2001-recession-causes-lengths-stats-4147962\"><span style=\"font-weight: 400;\">2001 recession<\/span><\/a><span style=\"font-weight: 400;\">. Then came the <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/g\/great-recession.asp\"><span style=\"font-weight: 400;\">2008 financial crisis<\/span><\/a><span style=\"font-weight: 400;\">, with many millennials in their first post-college job. It limited their earnings, overall wealth and ability to buy a home for <\/span><a href=\"https:\/\/www.washingtonpost.com\/business\/2020\/05\/27\/millennial-recession-covid\/\"><span style=\"font-weight: 400;\">many years afterward<\/span><\/a><span style=\"font-weight: 400;\">. Millennials started to gain homebuying momentum just before the pandemic, but they were once again dealt a bad hand with pandemic-related job losses in April 2020.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBut the 2020 downturn was brief, followed by a strong recovery. Like some Gen Zers, a portion of millennials took advantage of <\/span><a href=\"https:\/\/fortune.com\/recommends\/banking\/americans-personal-income-increased\/\"><span style=\"font-weight: 400;\">rising incomes<\/span><\/a><span style=\"font-weight: 400;\"> and record-low mortgage rates to buy a home,\u201d Fairweather continued. \u201cThe pandemic homebuying boom is likely to lead to further <\/span><a href=\"https:\/\/www.npr.org\/sections\/money\/2021\/04\/27\/990770599\/there-is-growing-segregation-in-millennial-wealth\"><span style=\"font-weight: 400;\">inequality<\/span><\/a><span style=\"font-weight: 400;\"> within the millennial generation: There are the \u2018mortgage millennials\u2019 who bought before home prices shot up more than 30% during the pandemic, or when mortgage rates were under 3%. Then there are the millennials who missed out. They\u2019re the ones who don\u2019t own homes and now face an uphill battle, with elevated home prices, monthly mortgage payments at a <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-high-housing-costs-low-inventory\/\"><span style=\"font-weight: 400;\">record high<\/span><\/a><span style=\"font-weight: 400;\">, and no home equity. Gen Zers are in a similar \u2018haves versus have-nots\u2019 situation.&#8221;<\/span><\/p>\n<h4>Older Americans most likely to own their homes; young Americans least likely<\/h4>\n<p><span style=\"font-weight: 400;\">Overall, 26% of adult Gen Zers own their home. That\u2019s compared with 79% of baby boomers, the highest share of any generation, followed by Gen X (71%) and millennials (52%).\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76129 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Millennials-Surpass-50-Homeownership-1.png\" alt=\"\" width=\"1166\" height=\"771\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Millennials-Surpass-50-Homeownership-1.png 1166w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Millennials-Surpass-50-Homeownership-1-300x198.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Millennials-Surpass-50-Homeownership-1-1024x677.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Millennials-Surpass-50-Homeownership-1-768x508.png 768w\" sizes=\"(max-width: 1166px) 100vw, 1166px\" \/><\/p>\n<h4>Millennials make up the biggest piece of the homebuying pie<\/h4>\n<p><span style=\"font-weight: 400;\">Millennials, along with the oldest Gen Zers and youngest Gen Xers, made up the lion\u2019s share of home purchasers last year. People aged 25 to 34 bought one in three (33%) of primary homes that sold in the U.S. last year, the highest share of any age group. They\u2019re followed by 35-44 year olds, who bought 27% of them.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gen Zers are players in the homebuying game, though their share is small. People under 25 bought just over one in 20 (6%) of homes that sold last year. This home-purchase data includes only homes to be used as a primary residence that were purchased with a mortgage; <\/span><a href=\"https:\/\/www.redfin.com\/news\/all-cash-home-purchases-fha-loans-october-2022\/\"><span style=\"font-weight: 400;\">roughly 30%<\/span><\/a><span style=\"font-weight: 400;\"> of homes were bought in cash last year.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76130 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Young-Millennials-Buy-Biggest-Chunk-1.png\" alt=\"\" width=\"1174\" height=\"769\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Young-Millennials-Buy-Biggest-Chunk-1.png 1174w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Young-Millennials-Buy-Biggest-Chunk-1-300x197.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Young-Millennials-Buy-Biggest-Chunk-1-1024x671.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Young-Millennials-Buy-Biggest-Chunk-1-768x503.png 768w\" sizes=\"(max-width: 1174px) 100vw, 1174px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Generational homebuying trends have remained mostly the same over the last five years, with roughly one-third of primary homes purchased by people aged 25 to 34, and just over one-quarter purchased by people aged 35 to 44.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Younger people move more often and buy more homes than older generations because their life stages beget moving. Roughly half of homeowners under 35 own their home for <\/span><a href=\"https:\/\/www.redfin.com\/news\/homeowner-tenure-2022\/\"><span style=\"font-weight: 400;\">less than three years<\/span><\/a><span style=\"font-weight: 400;\">, versus 15% of 35-64 year olds and 7% of homeowners 65 and older.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">People in their 20s and 30s are entering the workforce, moving to different parts of the country, settling into their careers and turning from renters into homeowners, events that often require or at least encourage a move. Many of them are also getting married and having children, which often prompts a move to a different neighborhood and\/or a bigger house.\u00a0<\/span><\/p>\n<h4>Gen Z homebuyers are most prevalent in affordable areas; millennials buy in tech hubs<\/h4>\n<p><span style=\"font-weight: 400;\">People under the age of 25 bought roughly 9% of the primary homes that sold in Virginia Beach, VA last year, a bigger share than anywhere else in the country. Next come Cincinnati, OH (8.5%), Detroit, MI (7.9%), St. Louis, MO (7.5%) and Indianapolis, IN (7.1%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Those places are all relatively affordable, making it easier for young homebuyers to break into the market. In each of those metros, the typical home bought by a Gen Zer sold for $255,000 or less in 2022.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Virginia Beach is home to one of the biggest military bases in the U.S. and <\/span><a href=\"https:\/\/www.redfin.com\/news\/down-payments-decline-all-cash-january-2023\/\"><span style=\"font-weight: 400;\">nearly half<\/span><\/a><span style=\"font-weight: 400;\"> of mortgaged home sales use VA loans, which are available to service members and require very low or no down payments. The ability to put just a small amount down is advantageous for young buyers who haven\u2019t built up a lot of savings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The oldest Gen Zers and young millennials are buying big chunks of the housing stock in tech hubs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">People aged 25-34 bought 41.4% of the primary homes that sold in Seattle last year, the highest share in the U.S. It\u2019s followed by Philadelphia (40.6%), Pittsburgh (39.8%), San Jose, CA (39.7%) and Austin, TX (39.6%).\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"6\"><b>Share of homes purchased by Gen Zers and young millennials<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">Top 10 metro areas where people under 25 and people aged 25-34 bought the largest share of primary homes in 2022<\/span><\/i><\/td>\n<\/tr>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Under 25 years old: Share of home purchases<\/b><\/td>\n<td><b>Median sale price for buyers under 25<\/b><\/td>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>25-34 years old: Share of home purchases<\/b><\/td>\n<td><b>Median sale price for buyers aged 25-34<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Virginia Beach, VA<\/b><\/td>\n<td><span style=\"font-weight: 400;\">8.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$255,000<\/span><\/td>\n<td><b>Seattle, WA<\/b><\/td>\n<td><span style=\"font-weight: 400;\">41.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> $775,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Cincinnati, OH<\/b><\/td>\n<td><span style=\"font-weight: 400;\">8.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$195,000<\/span><\/td>\n<td><b>Philadelphia, PA<\/b><\/td>\n<td><span style=\"font-weight: 400;\">40.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> $315,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Detroit, MI<\/b><\/td>\n<td><span style=\"font-weight: 400;\">7.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$165,000<\/span><\/td>\n<td><b>Pittsburgh, PA<\/b><\/td>\n<td><span style=\"font-weight: 400;\">39.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> $235,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>St. Louis, MO<\/b><\/td>\n<td><span style=\"font-weight: 400;\">7.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$175,000<\/span><\/td>\n<td><b>San Jose, CA<\/b><\/td>\n<td><span style=\"font-weight: 400;\">39.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> $1,365,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Indianapolis, IN<\/b><\/td>\n<td><span style=\"font-weight: 400;\">7.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$215,000<\/span><\/td>\n<td><b>Austin, TX<\/b><\/td>\n<td><span style=\"font-weight: 400;\">39.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> $475,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Pittsburgh, PA<\/b><\/td>\n<td><span style=\"font-weight: 400;\">7.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$165,000<\/span><\/td>\n<td><b>Denver, CO<\/b><\/td>\n<td><span style=\"font-weight: 400;\">39.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> $555,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Kansas City, MO<\/b><\/td>\n<td><span style=\"font-weight: 400;\">6.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$205,000<\/span><\/td>\n<td><b>Minneapolis, MN<\/b><\/td>\n<td><span style=\"font-weight: 400;\">38.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> $355,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Cleveland, OH<\/b><\/td>\n<td><span style=\"font-weight: 400;\">6.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$165,000<\/span><\/td>\n<td><b>Detroit, MI<\/b><\/td>\n<td><span style=\"font-weight: 400;\">37.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> $205,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Warren, MI<\/b><\/td>\n<td><span style=\"font-weight: 400;\">6.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$205,000<\/span><\/td>\n<td><b>Milwaukee, WI<\/b><\/td>\n<td><span style=\"font-weight: 400;\">37.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> $285,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Minneapolis, MN<\/b><\/td>\n<td><span style=\"font-weight: 400;\">6.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$275,000<\/span><\/td>\n<td><b>Warren, MI<\/b><\/td>\n<td><span style=\"font-weight: 400;\">37.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> $285,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4><b>Methodology\u00a0<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">This report is from a Redfin analysis of data on home purchases by age group from the Home Mortgage Disclosure Act (HMDA) database, from 2018 to 2022. We examined originated loans for home purchases in the U.S. of 1-4 unit homes using conventional, FHA and VA loans; the data doesn\u2019t include all-cash home purchases. We excluded purchases of manufactured homes. For the reported metro area results, we examined the age breakout of mortgaged home purchases in the top 50 most populous metros.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data on generational homeownership rates was calculated from the Current Population Survey\u2019s Annual Social and Economic Supplement (March Supplement), from 1976 to 2022. Homeownership rates are calculated for ages 19 and above. The data was accessed using IPUMS-CPS*.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data on monthly mortgage payments and household incomes of 25 year olds was calculated from the 1990 Census and the 2021 American Community Survey. The 1990 figures were adjusted for inflation using the CPI. The data was retrieved using IPUMS-USA**.<\/span><\/p>\n<p><em><span style=\"font-weight: 400;\">*<\/span><span style=\"font-weight: 400;\">Sarah Flood, Miriam King, Renae Rodgers, Steven Ruggles, J. Robert Warren and Michael Westberry. Integrated Public Use Microdata Series, Current Population Survey: Version 10.0 [1976-2022]. Minneapolis, MN: IPUMS, 2022.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">https:\/\/doi.org\/10.18128\/D030.V10.0<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">**Steven Ruggles, Sarah Flood, Matthew Sobek, Danika Brockman, Grace Cooper, Stephanie Richards, and Megan Schouweiler. IPUMS USA: Version 13.0 [Census 1990, ACS 2021].<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">Minneapolis, MN: IPUMS, 2023. https:\/\/doi.org\/10.18128\/D010.V13.0<\/span><\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gen Zers are tracking ahead of their parents\u2019 homeownership rate: 30% of 25-year olds owned their home in 2022, higher than the 27% rate for Gen Xers when they were the same age. But the Gen Zers who didn\u2019t take advantage of the pandemic-era\u2019s low mortgage rates could be left behind.\u00a0 Millennials are tracking behind [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":76131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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