Ten years ago, millennials bought first homes at 31. Now, Gen Z may wait until 40 as the housing market grows increasingly out of reach

Stressed young worker (Credit: d3sign-Getty Images)

Homeownership used to be a milestone of adulthood for Americans, but for Gen Z, the financial goalposts keep moving further away.

While boomers were able to buy their first homes in cash, the average age of first-time home ownership has now jumped to a record of 40 years old, with high mortgage rates and soaring prices to blame, according to the National Association of Realtors.