Hispanolistic/Getty Images:Islustration by Issiah Davis/Bankrate
Millennials are the largest generation in the United States. This massive demographic is poised to rebuild the housing market, but it didn’t happen very often in the way we might have hoped for. Millennials place importance on homeownership, but high costs hamper their ability to buy. Here are the latest statistics for this Home Being Generation:
Millennial Home Buying Trends and Statistics
Do millennials buy a house?
Millennials Value Home Ownership: Bankrate’s 2025 Home Affordable Report shows 74% cited it as a component of the American Dream.
However, the affordable challenges also hinder it. Despise the Triple Wammy of Pandemic Elevation Home pricesmore than tight stock Mortgage fees.
Millennials have now pointed out two main hurdles when it comes to why they don’t own a home. Bankrate’s 2025 Home Affordable Report shows that income is not high enough (60%) and home prices are too high (65%).
In addition to being kept under economic considerations, many millennials are in the general pattern of reaching a milestone in their lives later. In 2020, census estimates showed that the median age of men’s first marriage exceeded 30 for the first time in history, while the median age of first-time brides also exceeded 28 for the first time.
After that, millennials wait to start a family later and buy a house. According to the National Association of Realtors (NAR), the typical first-time home buyer was 38 years old in 2024.
According to NAR, over the past few years, millennials represent the largest share of buyers, reaching 43% in 2022, reaching 43% in 2022.
In summary, some of the obstacles millennial home buyers face when buying a home are:
- Rising home prices
- Limited stock
- High interest rate
- The income is not high enough
- Not enough for a down payment
- Credit requires some work
- There’s too much debt
What are millennials looking for at home?
Millennials buy larger homes compared to other generations. According to NAR, in 2024, a typical older millennial purchased 2,360 square feet, while a typical younger millennial purchased 2,200 square feet. Older generations (except Gen X) tended to buy houses below 2,000 square feet.
However, with fewer homes on the market, millennials had few options other than to undo expectations and compromise. Bankrate editor Laurie Richards and her husband bought their first home in 2023.
“My husband and I originally wanted a bigger house, but we made the difficult decision to buy a starter house instead of jumping straight into an eternal home,” says Richards. “Ultimately, this will free up more funds in our budget and go towards the necessary repairs and costs associated with abandoning the inspection.”
Tips for Millennial Home Buyers
- Create a budget and stick to it. Ours Affordable home calculator It helps you narrow down your price range based on income, down payment, etc.
- Explore Down payment support. Depending on your income and location, you may be eligible for down payment grants, second mortgages, or other help.
- Shop multiple mortgage lenders. It’s not just interest ratebut all-in-cost of your loan, including lender costs. Compare at least three mortgage offers to see what different lenders charge and find the best deal.
- Read lender reviews. If you are shopping for a mortgage lender and before you proceed to select a lender, make sure you do so. Read lender reviews online. This will help you understand the experience and overall satisfaction of other borrowers.
