For the past several years, Millennials have struggled to inch their way into the for-sale market amid soaring home prices, surging borrowing costs, and a widening housing shortage, forcing many would-be buyers into the rental market. But in 2022, Millennial homeowner households outnumbered Millennial renters with a majority of 51.5%, The New York Times reports.
Though Millennials still trail behind older generations such as Baby Boomers, who account for roughly 32 million homeowner households, 7 million Millennials became homeowners during the last five years, bringing the total to about 18 million.
In some metros, an overwhelming majority of millennials are homeowners. The largest share was found in Midland, Texas, where 82 percent owned, followed by Provo, Utah, where 76 percent did. Salinas, Calif., had the lowest share, just 19 percent, followed by San Jose, Calif., with 23 percent. Not surprisingly, more expensive metros tend to have fewer millennial owner households.
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