Millennial Homeownership Lags and in Providence-Metro Area It Is Even Worse
GoLocalProv Business Team
Millennial Homeownership Lags and in Providence-Metro Area It Is Even Worse
Today, 45% of all Millennials in America are homeowners. Although that number is a new high, Millennials continue to buy homes at a far slower pace than previous generations
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By the time they reach age 30, just 33% of Millennials are homeowners, compared to 42% of Gen Xers, 48% of Boomers, and 55% of the "Silent" Generation (adults born from 1928 through 1945) when they were the same age, according to Apartment List.
There is no let-up. According to new data from Mott & Chace, the numbers for Rhode Island real estate for the month of August show the market continues to be difficult for buyers. The median price of a single-family home was up 9.4% over last year. The median price was over $491,000 in August of 2024.
And, in the Providence metro area, the millennial homeownership rate today is just 40%. Broadly speaking, millennials have found more success across the Midwest, but struggle to afford homeownership in California and other coastal markets.
“As expected, rates are higher for older generations. At the top are Baby Boomers, of whom 74% own homes. Boomers recently passed the Silent generation who, now in their 80s and 90s, may be selling homes to live with younger relatives or in assisted living facilities. Generation X homeownership has been trending up since 2015, reaching a high of 65% today. Next come Millennials (45%), followed by Generation Z (8%), the oldest of whom was just 26 years old,” according to the report.
Generations are assigned by birth year. Silent: 1928-1945. Baby Boomer: 1946-1964. Generation X: 1965-1980. Millennial: 1981-1996. Generation Z: 1997 or later.