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Millennial homeownership rates fell after the housing bust and Great Recession 

Homeownership by age

The Millennial consumer

In 2015, the Millennial generation became the largest numerical segment of America's workforce. In 2016, they will become the largest percentage of the workforce. Although Millennials have been slow to enter the housing market, the National Association of REALTORS® indicates that 91 percent of Millennials report that they want to get married and own a home. As they do so — and many have already bought homes — they will become the largest generation of homebuyers in American history. In the first edition of the Insights report, professor Steve Malpezzi of the James A. Graaskamp Center for Real Estate at the Wisconsin School of Business provides information and insights about your future customers.

Quarterly homeownership rate by age

Millennials have seen their homeownership rate fall in the aftermath of the mid-2000s housing bust and ensuing Great Recession. Census data show that in the decade before the peak, the homeownership rate for those under 35 rose from 37 percent in 1994 to 43 percent in 2004; the rate is now back down to 36 percent. 
 
The most arresting fact is the steady increase in homeownership with age: the homeownership rate of households with a head age of 35 to 44 is 60 percent, of those 45 to 54 is 71 percent, and those 65 and over is 80 percent. The last rate has barely budged in 15 years. Reliable time series data on Wisconsin homeownership rates by age are not readily available, but Wisconsin homeownership rates are usually a little higher than national rates, and changes in Wisconsin rates closely track changes in the national rates.
Quarterly Homeownership  Rate By Age
Source: U.S. Census Bureau
 

 
 
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