More than half of millennials own a house for the first time ever. The rest are experiencing it more difficult to acquire.

More than half of millennials own a house for the first time ever. The rest are experiencing it more difficult to acquire.

According to US Census statistics, the millennial homeownership rate will reach 51.5% in 2022. It's been a long road for the generation born during the financial crisis - by the age of 30, 42% of millennials owned their houses, compared to 48% of Generation X and more than half of baby boomers.

Those who are still renting are beginning to believe they will never get there. According to a poll conducted by the real estate website Apartment List, roughly one in four millennials expect to rent forever, up from one in seven just three years ago.

The majority of millennials who aren't homeowners claim they are unable to afford a home at the moment, either because they don't have enough money for a deposit or because the monthly mortgage payments are too high.

According to Apartment List, 67% of individuals who wish to purchase a house at some time in their lives have no money saved for a down payment, and 18% have less than $10,000. Bad credit is cited by 42% of respondents as one of the most significant barriers to housing, up from 39% in 2018.

Millennials, those born between 1981 and 1996, are lagging behind older generations in terms of wealth, having been hammered by the 2008 economic crisis, stagnant earnings, surging home prices during the boom, and now increasing interest rates and inflation. According to 2022 figures, almost half of Americans are living pay slip to payslip, and few own equities or are debt-free.

The individuals who have succeeded in purchasing a property are primarily concentrated within ‘cheaper’ locations.

(Bloomberg.com)