Our new report, US millennials and home ownership – a distant dream for most found that like their counterparts in the UK, young people in the US are finding it increasingly difficult to buy a home of their own.
On this page you can explore this research and the effect of Covid-19, wage stagnation, student debt and more has had on the ability for US millennials to get on the US property ladder.
Our research on US millennials and home ownership
Our 2021 study on US millennials owning homes looks at the effects of wage stagnation on home ownership. Student debt has arguably affected the millennial generation more adversely than any other age cohort, with many 25- to 40-year-olds feeling financially crippled by the skyrocketing cost of college tuition at a crucial point in their lives, along with other economic challenges.
Why are millennials not buying homes?
More than half of millennials aren’t saving for a down payment; cite underpaying jobs as the primary obstacle.
How many millennials are buying homes?
Our research suggests that only around half (48%) of non-home owning millennials are saving for a down payment and that for young people, buying homes is increasingly challenging in the US.
How the pandemic has changed what home buyers want
Accounting to our research, seven out of 10 (68%) of millennials we surveyed agreed that Covid had some impact on their thinking about where they could live. One in five were strongly influenced by Covid to rethink their location. This decision has not come easily, however: in their comments, millennials painted a picture of exclusion from the cities and areas they hold dear.
This study confirms that for most young adults, buying a home is an increasingly unattainable goal.
Below you can access all the previously published articles and press releases.