Millennial Homeownership Rate Shows Most Growth

Homeownership for Millennials aged 28 to 31 years old has grown 20 percent since 2016, hitting 47 percent in 2018, according to new survey data.

The Ernst & Young survey finds as well that homeownership for Millennials aged between 32 and 36 years increased from 46 to 57 percent in that period. Additionally, Wells Fargo Securities analysts predict more Millennials will need mortgages, and are currently preparing for a "surge" in Millennial homeownership. The analysts say, “In absolute terms, the Millennial homeownership rate (36.8 percent) remains low relative to the next age group (59.5 percent). However, this age bucket has increased the most since 2015 and surveys suggest they still view home buying as a long-term goal," HousingWire reports.

On behalf of Ernst & Young, [online market research firm] Research Now conducted a survey of 1,202 20- to 36-year-old U.S. citizens nationwide — that elusive homebuying population called the Millennial generation. However, some things have not changed. The Millennials report student loan debt continues to delay homeownership and, are “deeply distrustful of traditional American institutions, preferring to rely on themselves and a good education.”

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