It is commonly assumed that homeownership isn’t as popular among younger Americans as it was among previous generations, but recent data seems to tell a different story. For example, according to the most recent homeownership numbers from the U.S. Census Bureau, Americans under the age of 35 have the fastest growing homeownership rate of any age bracket.
In fact, the data shows that – while Americans over the age of 65 still have the highest rate of homeownership – younger Americans saw their rate increase from 35.4 percent to 36.4 percent during the second quarter of this year. By comparison, homeownership among adults 35-to-44 and those older than 65 both fell. That means, millennial homebuyers may be the most active buyers in the market right now.
This isn’t a big surprise, given that first-time homebuyers have historically accounted for a large amount of home sales. Since millennials are now at, or quickly approaching the age of the typical first-time buyer, it makes sense that more of them are shopping for and buying homes.