Millennials – Born 1977-1998 (75 million)
Generation X – Born 1965-1976 (51 million)
Baby Boomers – Born 1946-1964 (76 million)
- First-time homebuyers typically make up 40 percent of home purchases, but that number has dropped to 33 percent this year. This is the lowest percentage since 1987 according to the National Associations of Realtors. Student loan debt and higher rents have made it difficult to save for a down payment among adults under 35.
- Based on a Fannie Mae National Housing Survey, 40 percent of Millennials consider buying a home a safe investment with greater potential while 43 percent of Generation X and 50 percent of Baby Boomers thought so. Thirty-six percent of Millennials considered homeownership to be a risky investment, compared to 27 percent of Generation X and 26 percent of Baby Boomers.
- Homeownership has fallen more for Generation X (9 percent) than any other group since 1994. This may be a result of employment as this group is significantly smaller. When the Baby Boomers were in their forties, they outnumbered the 55-plus group in the workforce by 16 million. Now the 55-plus group outnumbers the forty-something workers. Generation X also bore the brunt of the foreclosure market when they became first-time homebuyers ten years ago and had access to easy credit on overpriced homes.