More older millennials becoming homeowners

Homeownership for “older” millennials, those between the ages 28 and 31, has risen to 47 percent, a 20 percent increase in just two years.

More millennials aged 32-36 have also acquired homeownership status, with 57 percent buying homes, up 11 percent in two years, according to Ernest and Young’s recent report. Homeownership among all millennials is up 14 percent from 26 to 40 percent, but still lags behind the 45 percent of Generation X and baby boomers who owned homes at that age. Nearly half, 48 percent, of millennial men own a property, up 19 percent since 2016, while 32 percent of millennial women own, up 10 percent, since 2016.

Younger millennials, those aged 20-23, are 27 percent less likely to live with their parents compared to millennials that age in 2016. Renters that age have grown 17 percent, hitting 44 percent. However, the report found that millennials will spend close to $100,000 on rent in their lifetime, making saving to purchase a home more difficult. Overall, less millennials live with their parents in 2018 compared to 2016. Not surprisingly, as millennials age, they are more likely to marry and start a family. Thirty-eight percent of millennials are married, up 11 percent from 2016, and 40 percent of millennial women have a child.

The study found that student debt is responsible for up to 35 percent of lack of homeownership, and while many millennials are saddled with it (at least 80 percent blame it for their lack of homeownership), they are willing to work to reach their accomplishments. More than 80 percent reported they believe they need to work hard to get ahead in life. And more millennials are also feeling confident about the economy, 41 percent have positive feelings, up 13 percent from two years ago.