The millennial generation, we’ve long been told, is also generation rent: prevented from buying a home of their own, and growing their wealth with it, by an unfavourable economy or too much avocado toast, depending on who you ask.
The stats are by now familiar, but dismal nonetheless. The rate of home ownership has plummeted due to coalescing crises of pricing and supply. Few millennials own homes. In 2017, 35% of 25- to 34-year-olds were homeowners, compared with 55% in 1997. Similarly, they make up just a fraction of property owners overall. In 2022, just 10% of homeowners in England were aged under 35.
