Homeownership has long been an aspiration; however, that goal may need to be revised if today's younger generations are to reach it. With millennials coming of age during the Great Recession in 2008 and Gen Z grappling with soaring housing costs, each faces unique and formidable challenges in purchasing a home.
Millennials, born between 1981 and 1996, started their adult lives on a tougher path to homeownership than Gen Z. They came of age during the worst economic downturn since the Great Depression, facing high unemployment and sharply declining home values that severely impacted their financial prospects, as highlighted by a 2020 Pew Research study.
