Gen Z, Millennial Homeownership Rates Flat in 2024, Redfin Finds

(Image courtesy of Redfin; Breakout image courtesy of Andrea Piacquadio/pexels.com)

Redfin, Seattle, found that homeownership rates for Gen Z and millennials were stagnant in 2024.

For Gen Z, 26.1% of the group owned their home last year. That compares with 26.3% in 2023 and 26.2% in 2022.

And for millennials, 54.9% owned their homes in 2024, compared with 54.8% in 2023.  

In comparison, the two older major generations—Gen X and Baby Boomers—saw more significant increases. In 2024, 72.9% of Gen X members owned their homes, up from 72% in 2023. Additionally, 79.6% of Baby Boomers owned their residences, up from 78.8%.

Redfin noted increases along those lines are fairly standard for those generations, but you’d expect Millennials and Gen Z–as they get married, progress in their careers and start families–to see more growth.

“Homeownership is still a symbol of success and stability for many Americans, but the nation’s culture is shifting with the economic times,” said Redfin Chief Economist Daryl Fairweather. “Some young people are placing less emphasis on owning their own home because they’re prioritizing flexibility, while others continue renting because they can’t afford to buy. Buying a home is still typically a good financial investment, but for young people who don’t have the desire or means to do so, there are other viable investments that, unlike buying a home, don’t require a huge down payment. Those people might consider investing in the stock market, their own business, or education.”

Redfin also compared current generations’ home ownership rates at different ages.

For example, 32.6% of 27-year-old Gen Zers owned their homes in 2024, compared with 38.4% of Gen Xers when they were 27 and 40.5% of Baby Boomers when they were the same age.

And, 56% of 35-year-old Millennials owned their homes in 2024, compared with 59.4% of 35-year-old Gen Xers and 61.5% of 35-year-old Baby Boomers.