{"id":78763,"date":"2024-10-29T05:30:43","date_gmt":"2024-10-29T12:30:43","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78763"},"modified":"2024-10-28T14:49:25","modified_gmt":"2024-10-28T21:49:25","slug":"young-homeowners-financially-better-off-survey","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/young-homeowners-financially-better-off-survey\/","title":{"rendered":"Young Homeowners Are Much More Likely Than Young Renters to Say They\u2019re Financially Better Off Than 4 Years Ago"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>69% of millennial\/Gen Z homeowners are better off than they were four years ago, compared with 52% of millennial\/Gen Z renters, a Redfin survey found.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Just 18% of millennial\/Gen Z homeowners are worse off, compared with 26% of millennial\/Gen Z renters.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>The gap between homeowners and renters in younger generations is much larger than the gap in older generations.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Baby boomers were the only surveyed generation for which the lion\u2019s share of homeowners and renters said they\u2019re worse off than four years ago.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Just over two-thirds (68.7%) of millennial\/Gen Z homeowners say they\u2019re better off financially than they were four years ago. That compares with just over half (52.2%) of millennial\/Gen Z renters.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78764\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/10\/fianl-stsacked-bar-1024x711.png\" alt=\"\" width=\"800\" height=\"556\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/10\/fianl-stsacked-bar-1024x711.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/10\/fianl-stsacked-bar-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/10\/fianl-stsacked-bar-768x534.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/10\/fianl-stsacked-bar-1536x1067.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/10\/fianl-stsacked-bar-2048x1423.png 1727w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/10\/fianl-stsacked-bar.png 1728w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">There is a much larger discrepancy between how young homeowners and renters feel than there is between how older homeowners and renters feel. For example, Gen X homeowners were more likely than Gen X renters to say they\u2019re faring better than they were four years ago, but not by much\u201442.6% vs 38.8%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The survey findings in this report are from a Redfin-commissioned survey conducted by Ipsos in September 2024. The survey was fielded to 1,802 U.S. residents aged 18-65. For the purposes of this report, we define Gen Zers as those aged 18-27, millennials as those aged 28-43, Gen Xers as those aged 44-59 and baby boomers as those aged 60-65.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As recently as four years ago, millennials were considered the \u201c<\/span><a href=\"https:\/\/www.washingtonpost.com\/business\/2020\/05\/27\/millennial-recession-covid\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">unluckiest generation<\/span><\/a><span style=\"font-weight: 400;\">\u201d given their relatively weak economic standing, but that started to shift during the pandemic. Scores of young Americans bought their first home during the pandemic or the years leading up to it, and then benefited from an historic surge in <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-value-june-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">home values<\/span><\/a><span style=\"font-weight: 400;\"> fueled by the 2021-2022 homebuying boom. That helped many young people build tremendous home equity, and home values are still <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-value-june-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">on the rise<\/span><\/a><span style=\"font-weight: 400;\"> today.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cEconomic inequality is on the rise between young people who have been able to break into homeownership and young people who haven\u2019t,\u201d <\/span><span style=\"font-weight: 400;\">said Redfin Economics Research Lead <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThere was a short window during the pandemic when mortgage rates were extremely low, allowing a lot of millennials and Gen Zers to buy homes\u2014but not everyone could afford to take advantage of the window. Housing affordability has worsened dramatically since then, with mortgage rates now more than double their pandemic low and home prices near their record high. As a result, many young folks are priced out of homeownership and the wealth gains that come with it, and many of the people who did buy homes during the pandemic couldn\u2019t afford to buy their same home today.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While rent growth has stagnated over the last year, asking rents are still roughly 20% above pre-pandemic levels, and many renters are struggling to make ends meet as they also grapple with the elevated cost of other goods like groceries. Still, most young renters say they\u2019re faring better than four years ago, and they\u2019re much more likely than older generations to say so. That may be because they\u2019re more likely than older renters to experience big pay bumps as they move up the ladder in their careers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A separate Redfin <\/span><a href=\"https:\/\/www.redfin.com\/news\/renters-vs-homeowners-housing-affordability-election\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> based on the same survey found that renters are nearly twice as likely as homeowners to say housing affordability impacts their pick for president, and an earlier <\/span><a href=\"https:\/\/www.redfin.com\/news\/gen-z-housing-affordability-important-vote\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> found that housing affordability is Gen Z\u2019s top voting issue.<\/span><\/p>\n<h3><b>The Lion\u2019s Share of Baby Boomers Report Being Worse Off Than 4 Years Ago<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nBaby boomers were the only surveyed generation for which the lion\u2019s share of respondents said they\u2019re <\/span><i><span style=\"font-weight: 400;\">worse off<\/span><\/i><span style=\"font-weight: 400;\"> financially than they were four years ago; 38.2% of baby boomer homeowners and 40.2% of baby boomer renters reported being worse off. That could be because many baby boomers are living on a fixed income, Zhao said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By comparison, 18% of millennial\/Gen Z homeowners and 26.2% of millennial\/Gen Z renters said they\u2019re worse off, and 33.1% of Gen X homeowners and 35.9% of Gen X renters said they\u2019re worse off.<\/span><\/p>\n<h3><b>Methodology<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nThe relevant survey question was \u201cWould you say you are better or worse off financially than you were 4 years ago?\u201d Respondents were asked to select one of five answer choices: \u201cMuch better off financially\u201d; \u201cSlightly better off financially\u201d; \u201cMuch worse off financially\u201d; \u201cSlightly worse off financially\u201d or \u201cNeither better nor worse off financially.\u201d For this report, we grouped the \u201cMuch better off financially\u201d and \u201cSlightly better off financially\u201d responses together, and we grouped the \u201cMuch worse off financially\u201d and \u201cSlightly worse off financially\u201d responses together.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of the 805 homeowners who answered this question, 355 were millennials\/Gen Zers, 293 were Gen Xers and 157 were baby boomers. Of the 894 renters who answered this question, 416 were millennials\/Gen Zers, 356 were Gen Xers and 122 were baby boomers.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>69% of millennial\/Gen Z homeowners are better off than they were four years ago, compared with 52% of millennial\/Gen Z renters, a Redfin survey found. Just 18% of millennial\/Gen Z homeowners are worse off, compared with 26% of millennial\/Gen Z renters. The gap between homeowners and renters in younger generations is much larger than the 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