HousingWire reports that the homeownership rate for Americans under 35 saw the largest increase of any group in the second quarter of 2019.
While the nation's senior population still had the highest rate – 78% for Americans 65 and older, falling from 78.5% – an analysis from Zillow indicates the younger generation is warming up to homeownership. The rate for Americans under 35 years old rose to 36.4% from 35.4% in the prior quarter, the largest increase of any age bracket, according to Census data.
“Homeownership rates repeated the declines of the previous quarter, albeit less dramatically," Zillow said. "The declines we’ve seen in recent quarters are erasing gains we started to see in 2016. The continued decline was more dramatic in older age brackets. In a surprising turn, while their older peers have apparently been pulling back, the homeownership rate in the under-35 age bracket increased.”
Earlier this year, Realtor.com published a report that revealed that Millennials surpassed Generation X as the group responsible for the most new mortgages in 2018.