The world has changed in unimaginable ways from the time the oldest baby boomers were born in the late 1940s to the 21st-century birth dates of Gen Z. From the end of the Cold War and 9/11 to the advent of the internet and social media, the fast-changing last few decades have undoubtedly left unique marks on those who grew up during them.
Americans of all ages seem to prize one fundamental goal, however: owning their own homes. Roughly 9 out of 10 boomers (90%), Gen Xers (90%), and millennials (89%) still believe owning a home is part of the American dream. Two-thirds of those who don’t own homes (67%), including 84% of millennials, want to own one someday.
Nevertheless, three-quarters or more of each group (80% of millennials, 77% of Gen X, and 75% of boomers) also say homeownership is not affordable for the average American, with different generations blaming differing factors — including one another. There are also some noteworthy differences in what’s holding back non-owners of each generation and what they’d be willing to do to achieve this milestone.
To find out more, Clever Offers surveyed 1,000 Americans across generations about their views on homeownership, what they’re looking for in a property, and how they view other age groups. Nearly half (44%) own their home outright, while another 28% own with a mortgage. Another quarter (23%) are renting an apartment or house, with the rest (5%) in some other kind of housing situation.
Read on to see more about the noteworthy similarities and significant differences when it comes to homeownership by generation.