Apartment List's 2025 Millennial Homeownership Report

New Report: Millennial Home Ownership in Phoenix reaches 43%

Hi Tim, Apartment List has released its 2025 Millennial Homeownership Report, detailing how Millennials have fared in the housing market relative to previous generations.  THANKS TO ROB WARNOCK SENIOR RESEARCH ASSOCIATE Rob Warnock @robnock_ Rob is a senior research associate at Apartment List, where he examines trends in the housing and rental markets. Previously he worked in public health policy, and before that, graduated from UCLA with a degree in Globalization. Read More   Nationwide, Millennials are closing the gap with Gen X but continue to fall behind the pace set by earlier generations:

Below are three key takeaways from this year’s edition of the report: 1. In 2024, the Millennial homeownership rate reached 47%. However due to worsening affordability, Millennials are the third consecutive generation to purchase homes slower than prior generations. As shown below: by age 30, just 33 percent of Millennials are homeowners, compared to 42% of Gen Xers, 48% of Boomers, and 55 percent of Silents, when they were the same age.

2. In Phoenix metro the Millennial homeownership rate today is 43%, which ranks #34 among the nation's 55 largest metros. Broadly speaking, Millennials are struggling to afford homeownership in expensive coastal states, but faring better in midwestern and southern cities.

3. Data are also emerging for Gen Z, who are in their 20s and face a severe shortage of affordable homes. Today just 9% of all Gen Z adults are homeowners, and among the eldest Gen Zers (age 27), over 20% still live at home with a parent.

For more charts, analysis, and commentary, check out our full 2025 Millennial Homeownership Report.

For more data, tools, and insights about the rental market, please visit the Apartment List Research Blog.

How is the housing market responding?

We’re already seeing the housing market adapt to these homeownership trends. Anticipating that Millennials and Gen Zers will still want to live in single-family neighborhoods even if they can’t afford to buy in one, the “built-for-rent” sector is booming, with over 100,000 built-for-rent single-family homes delivered in 2024 alone. In this way, rapid home price growth and low Millennial and Gen Z homeownership is proving to be a tailwind for the rental industry, which has enjoyed steady demand from many young adults who are priced out of homeownership and instead living in rentals for longer.