Rearrangements
Home Alone and Friends are 2 of the most iconic pieces of Millennial media... they're also increasingly how the generation is thinking about homeownership. Indeed, 42% of the age group report purchasing a house by themselves, and some 14% have buddied up to buy a place, according to a new survey from financial services company Bankrate.
While buying as a couple is still the method that most Millennials reported (47% said they’d purchased with a partner/spouse), the route to homeownership has been more varied for the generation — especially when compared to Gen X and Baby Boomers. Even though respondents were allowed to select multiple responses, just 1% of Baby Boomers said they’d ever bought a place with a friend or a group of friends, and just 4% of Gen X said the same.
Bought in the USA?
Although discourse around Millennial struggles to get a place of their own has buzzed through the media and around family dinner tables for years — the oldest Millennials would have turned 40 roughly 3 years ago now — the age group did hit a significant housing milestone in 2022 when, for the first time in history, the majority (52%) owned their homes.
With a few key issues having beleaguered their home-owning aspirations, not least the fact that they’re all looking to buy at the same time, it’s little wonder that Millennials have been more open to exploring different options to get a foot on the property ladder, even if it increasingly means sharing a bathroom with their brother or bestie.
