Millennials make history — not only did they add the highest number of homeowners among all the other generations, but they did it in record time. In just 5 years, 7 million Millennials bought a place to call their own. This spectacular growth led to a historic shift: Millennials became a homeowner-majority generation, with a 52% share. This translates into a total of 18 million Millennial homeowners nationwide, according to the latest RentCafe study that looks at renting and ownership trends by generation across the U.S.
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Phoenix mirrors the national trend. In fact, all generations in this metro saw an increase in homeownership, with Millennials taking a big leap into homeownership majority.
Here are the highlights:
• The number of Millennial homeowners in Phoenix increased by 66% in just 5 years, totaling 265,000 households, as opposed to 160,000 households in 2017. Baby Boomers’ ownership increased by 16%, surpassing half a million homes, while Gen X comes second, with around 370,000 households.
• The majority of Millennials in Phoenix now own a home, with 53% of them reaching this milestone. However, Baby Boomers remain the generation with the highest share of homeownership in the area (80%).
• What about renting? Despite a 14% drop, Millennials remain the largest group of renters, almost twice more than any other generation. In fact, all the older generations saw a decrease in the number of renters — up to 26% in the case of Gen X. On the other hand, Zoomer renters more than doubled and are now the renter-majority generation in Phoenix.
