Millennials are the largest generation in the U.S., and everyone has been expecting members of this massive demographic cohort to reshape the housing market. So far, however, it hasn’t quite happened.
Not that millennials don’t value homeownership — two-thirds of them say it’s a central part of the American dream, according to Bankrate’s 2023 Financial Security survey. Still, it’s been a struggle for many aspiring millennial homebuyers to become homeowners.
These twenty- and thirty-somethings face a tough market. Home prices remain near record levels, and mortgage rates are much higher than they were two years ago. Low inventory, high inflation, expensive financing: The combination has created an affordability squeeze that’s forcing many millennials to keep renting.
