A smaller share of Millennials—born between 1981 and 1997—own homes than do older generations. Only 32% of millennials own homes, compared to 60% of Gen Xers and 75% of Baby Boomers. But, the gap is closing.
The Millennial homeowner is not one-in-a-billion. Today’s twenty- and thirty-somethings are buying, particularly as they get married and start families, citing it as the “thing you do next” after college and getting a job.
In fact, research shows that marriage is the single biggest predictor of whether a Millennial owns a home. Matrimony increases the probability of being a home owner by 18%. And having a child increases the likelihood of owning a home by 6.2%. Even having a parent who owned a home increases someone’s probability of owning by 10.9%.
But, demographics, economics and social trends are working against many millennials. The millennial home buyer is disproportionately married, disproportionately well-educated and more affluent, and disproportionately white.
Luckily, new down-payment assistance programs and low down-payment options are available to all homeowners, and even repeat buyers. If you’re ready to join the trend, fill out the form below for a no cost, no obligation assessment. You’ll find out how much home you can afford and what your monthly payments could be.