Millennials are finally becoming homeowners at nearly 40—Gen Z may have to wait 2 more decades before unlocking the American Dream

Old couple standing with keys to new home. (Credit: bojanstory / Getty Images)

• The American Dream of homeownership is slipping away for Gen Z as the share of first-time home buyers hit an all-time low of 1.14 million last year. Now, 38-year-old millennials are the new face of homeownership. But the youngest generation of workers may have to wait even longer to get on the ladder as they grapple with fewer hiring opportunities than their predecessors. Baby boomers hold the keys to their real estate success.

Many people grew up with the American Dream of one day having a stable job, starting a family, and owning a home with a white picket fence. But that vision has become a fantasy for Gen Z as homeownership continues to slip out of reach.