Millennials have finally become an owner-majority generation, according to a new report. After years of being criticized for their spending habits, this demographic has seen a surge in homeownership across the country. The report indicates that the number of Millennial homeowners has increased by 7 million in just five years, surpassing any other generation.
The report from RentCafe, which analyzed data from the 110 largest metros in the country, also showed that more than a quarter of these areas saw the number of Millennial homeowners double between 2017 and 2022. Milwaukee stands out among these cities, not only reaching homeowner-majority status for its Millennials, but also recording the third-highest increase in Millennial homeownership among the country’s largest 50 metros.
The analysis revealed that Milwaukee had a 157% rise in Millennial homeowners between 2017 and 2022, peaking at 138,124 homeowners. As a result, 53% of people in this age group are now living in their own homes. By comparison, the number of renting Millennials only grew by 6%, although they still make up the largest renter generation in Milwaukee.
Gen X homeownership saw slower growth, with a 43% increase in homeowners over the past five years, while the number of renters decreased by 17%. Gen X owners make up 68% of the total, while 32% are renting. Baby Boomers, on the other hand, experienced a decline in homeownership, with a 12% drop in the last five years. The number of Baby Boomers who rent, however, jumped by 58%, leading to a 70% to 30% ratio of homeowners to renters for this cohort.
This data highlights a clear shift in generational housing trends in Milwaukee and across the country. Millennials are quickly becoming a dominant force in the housing market, and the city is just one of the prime examples.
