The year 2022 was the time when more than half of American millennials became homeowners. Before that year, the majority of them were renting a living place.
According to research conducted by RentCafe.com, a nationwide apartment search website, 52 percent of millennials, the largest generation in the United States, owned their own house in 2022. RentCafe.com used a dataset from a University of Minnesota survey.
From 2017 to 2022, 7 million more millennials became homeowners, reaching 18.2 million homeowners, compared to 17.2 million renters in this generation. They remained the top renters in numbers compared to other generations.
The research followed Pew Research Center’s definitions for generations, where baby boomers are people born from 1946 to 1964, Generation X from 1965 to 1980, millennials from 1981 to 1996, and Generation Z from 1997 to 2012….