Homeownership Remains Low Among Millennials

hamilton-zanze July 25, 2013

As the single-family housing market continues to make a comeback, one demographic group has been left behind: 25-34 year olds, otherwise known as “millennials.” According to USA Today, this group had the largest decline in homeownership since 2006, dropping from 46.7% to 39.7% compared to the national rate decrease of 67.3% to 64.6%. Millennials turned to renting during the economic downturn and now, burdened by low inventory and student loan debt, struggle to break into the housing market.

In May, the percentage of existing-home purchases made by first-time buyers was just 28%, down from 34% in 2012 and 36% in 2011.