The Homeownership Facts &Statistics by Generation You Need to Know in 2023
Whether you are in Generation X or Generation Z, you might be interested to know some of the latest facts and statistics about homeownership through the generations. If you are intrigued about the trends in 2023 and how they could affect the housing market, or how the housing market is affecting them, read on to get the facts and statistics that you are looking for.
How many people would think about owning a house?
In the past, many people thought that owning their own home was an achievable option instead of renting, and a large number of people were able to follow through on this. However, now, this is changing. In the current climate, 80% of millennials would advise against buying a home. This is a higher percentage than Baby Boomers, of which only 65% would suggest that buying a home in 2023 and the coming years was a good option.
The situation might be able to change, though. Many of the youngest generations are starting to become more positive about their chances of owning a house in the future, even if this is just because they have more time to save up for one or because they are younger. For instance, 73% of Generation Z believe that they could own a house in the current market. Only 51% of Generation Xers think it is possible. To find out more about the differences of opinions within the generations, you should consider looking online for resources that can give you a good round-up of homeownership statistics.
How many people own a house?
There is a difference between people who want to own a house and people who actually do, though. Baby boomers are the generation who are most likely to own a home and many of them even own second homes, followed closely by millennials, who also own a great number of second homes. However, baby boomers and millennials are now in competition to own homes due to the fact that baby boomers are looking to buy more property or downsize at the same time as millennials are looking to get onto the housing market.
However, overall, the number of homeowners is going down, as more of the Silent Generation own homes than Millennials or Generation X. While this is happening though, and cannot be ignored, over half of millennials are now homeowners, showing that this might not be the case forever.
What are the problems with owning a house?
There are many reasons for this decline in homeownership. Some people cite the unstable economy and low wages, as well as increasing house prices, for this change. Others say that the issue lies with high interest rates, the problems of saving for a down payment even when they are able to afford the monthly costs, and the fact that younger generations need to move around more for work. They may also be more reluctant to buy a home because they are single and live independently, or because they have large student loans.