Generational Homeownership Gaps: Where Are Gen Z and Millennials Falling Behind?
A 20-year analysis of U.S. Census data reveals homeownership rates for Americans under 30 have dropped 36% since 2005 and the cities where young buyers face the steepest climb.
In 2005, 18.5% of Americans under 30 owned a home. By 2024, that number dropped to 11.8% — a 36% decline in just two decades. Despite the U.S. homeownership rate hitting a 20-year high overall, young adults are increasingly being left behind.
Owning a home is a cornerstone of the American dream: It’s a way to establish independence, control your living situation, and build long-term wealth. In the past 20 years, however, the U.S. housing market has undergone several “once-in-a-lifetime” events that impact the ability to own a home, from the 2008 recession to the sky-high mortgage rates of recent years.
The divide is staggering: Gen Z’s homeownership rate sits at just 4.5%, while baby boomers hold steady at 73.1%. To close that gap, another 48.7 million Gen Zers would need to buy homes by the time they turn 65. The path to homeownership also looks very different depending on geography, with some cities showing generational gaps more than twice the size of others.
To further explore how younger generations are struggling to find a place among America’s homeowners, Clever Real Estate examined 20 years of data from the U.S. Census and calculated generational homeownership rates in the U.S.
U.S. Homeownership Rate is 47%, But Only 5% of Gen Z Adults Own Homes
Nearly 49 million more Gen Zers would need to own homes to match boomers’ rate — equivalent to the entire population of Spain.
Our study found that the U.S. has a homeownership rate of 47% among those who are 18 years of age or older.
The rates among generations, however, are significantly different: Gen Z has a homeownership rate of only 5%, while baby boomers top the scale at 73%.
| Group | Population Size | Number of Homeowners | Homeownership Rate |
|---|---|---|---|
| U.S. (18+) | 293,543,252 | 137,473,743 | 46.8% |
| Gen Z | 70,946,349 | 3,184,929 | 4.5% |
| Millennials | 74,392,734 | 32,827,507 | 44.1% |
| Gen X | 65,252,766 | 42,265,127 | 64.8% |
| Baby Boomers | 67,413,464 | 49,262,686 | 73.1% |
| Silent Generation | 15,537,939 | 9,933,494 | 63.9% |
Currently, just over 3 million Gen Zers own homes, compared to more than 49 million boomers.
In order for the homeownership rate of Gen Z to match the rate of boomers, an additional 48.7 million Gen Zers would need to become homeowners by the time they turn 65, roughly the population of the entire country of Spain.
Although millennials now outnumber boomers by roughly 7 million adults, 49.3 million boomers own homes compared to just 32.8 million millennials, a gap of about 17 million homes.
The overall homeownership rate in the U.S. fell from 2005 to 2012 but has been climbing upward ever since. The homeownership rate in 2005 was 42.9% and fell to a low of 37.8% in 2012. Since then, it has recovered and surpassed the 2005 rate, hitting 46.8% in 2024.
Americans Under 30 Have Worse Homeownership Odds Than Pre-Recession
Current homeownership rates for those under 30 years old are 36% lower than they were in 2005.
The post-recession recovery rate was not equitable across ages. We examined the specific homeownership rate for those under 30 years old and found that young people are worse off than they were in 2008, when the market crashed.
In 2005, the homeownership rate for Americans under 30 was 18.5%. This rate fell from 2005 to 2016, when it bottomed out at 9.9%. Although rates increased above 12% in 2021, when mortgage rates hit historic lows, the current rate sits at 11.8%. That’s a drop of 36% since 2005.
Cities With the Largest Millennial-Boomer Homeownership Gaps
Honolulu, Hawaii, has the largest homeownership gap between millennials and baby boomers in the U.S., at 37.8%.
The national picture of generational homeownership gaps is stark, but the city-level data reveals even wider disparities.
The largest homeownership gaps between boomers and millennials are in Honolulu, HI (37.8%), Myrtle Beach, SC (37.3%), and North Port, FL (37.2%).
Florida alone accounts for four of the 10 widest millennial-boomer gaps: North Port (37.2%), Cape Coral (35.8%), Deltona (34.6%), and Orlando (34.5%).
In several of these cities — Myrtle Beach, North Port, and Deltona — millennials actually own homes at higher rates than the national rate of 44.1%, but boomer rates are even higher, widening the gap.
| Gap Rank | City | Typical Home Value |
Millennial Ownership Rate |
Boomer Ownership Rate |
Gap |
|---|---|---|---|---|---|
| — | United States | $360,591 | 44.1% | 73.1% | 28.9% |
| 1 | Honolulu, HI | $842,753 | 24.4% | 62.2% | 37.8% |
| 2 | Myrtle Beach, SC | $334,411 | 49.6% | 86.9% | 37.3% |
| 3 | North Port, FL | $401,392 | 46.2% | 83.4% | 37.2% |
| 4 | Cape Coral, FL | $339,621 | 42.9% | 78.6% | 35.8% |
| 5 | San Diego, CA | $928,459 | 29.5% | 64.7% | 35.2% |
| 6 | Oxnard, CA | $870,006 | 35.0% | 70.1% | 35.0% |
| 7 | Deltona, FL | $325,300 | 45.7% | 80.2% | 34.6% |
| 8 | Orlando, FL | $383,850 | 36.1% | 70.6% | 34.5% |
| 9 | Phoenix, AZ | $446,248 | 42.7% | 76.1% | 33.5% |
| 10 | Los Angeles, CA | $954,296 | 22.5% | 55.8% | 33.2% |
Cities With the Smallest Millennial-Boomer Homeownership Gaps
Six of the 10 cities with the smallest homeownership gap for millennials are in the Midwest. Omaha, Nebraska, has the smallest gap, at just 16.4%.
Midwestern cities dominate the list of smallest millennial-boomer homeownership gaps:
- Omaha, NE (16.4%)
- Des Moines, IA (19.3%)
- Akron, OH (20.5%)
- St. Louis, MO (21.1%)
- Minneapolis, MN (21.5%)
- Indianapolis, IN (21.8%)
One explanation for this is the relative affordability of homes in most of these cities. They trend well below the national home price of $360,591, making homeownership more within reach.
Provo, Utah, is a notable exception: Its typical home value of $539,459 sits nearly $180,000 above the national median, yet its millennial-boomer gap is among the smallest in the country at 19.8%. Strong local incomes and family support networks may be helping younger buyers here offset the premium.
| Gap Rank | City | Typical Home Value |
Millennial Ownership Rate |
Boomer Ownership Rate |
Gap |
|---|---|---|---|---|---|
| — | United States | $360,591 | 44.1% | 73.1% | 28.9% |
| 1 | Omaha, NE | $299,297 | 57.9% | 74.4% | 16.4% |
| 2 | Des Moines, IA | $287,903 | 57.8% | 77.1% | 19.3% |
| 3 | Winston-Salem, NC | $274,702 | 55.5% | 75.2% | 19.7% |
| 4 | Provo, UT | $539,459 | 61.7% | 81.5% | 19.8% |
| 5 | Akron, OH | $229,453 | 55.0% | 75.5% | 20.5% |
| 6 | St. Louis, MO | $265,644 | 55.4% | 76.5% | 21.1% |
| 7 | Minneapolis, MN | $380,652 | 56.6% | 78.2% | 21.5% |
| 8 | Indianapolis, IN | $286,468 | 53.2% | 74.9% | 21.8% |
| 9 | Fayetteville, AR | $360,612 | 52.6% | 75.0% | 22.4% |
| 10 | Fresno, CA | $404,097 | 37.9% | 60.4% | 22.5% |
Cities With the Largest Gen Z-Boomer Homeownership Gaps
Myrtle Beach, South Carolina, has the largest homeownership gap between Gen Z and boomers in the country, at 80.9%.
The largest Gen Z-boomer homeownership gap (80.9% in Myrtle Beach) is more than double the widest millennial-boomer gap (37.8% in Honolulu).
North Port (78.7%) and Madison, WI (75.9%), follow Myrtle Beach as the biggest homeownership gaps between Gen Z and boomers.
Similarly to millennials, Gen Zers have a higher rate of homeownership in Myrtle Beach (6.0%) and North Port (4.7%) than the national rate of 4.5%, but these cities also have high rates of ownership among boomers.
Overall, Gen Z homeownership rates are so low that the gaps between them and boomers are, unsurprisingly, significantly higher than the gaps between millennials and boomers.
| Gap Rank | City | Typical Home Value |
Gen Z Ownership Rate |
Boomer Ownership Rate |
Gap |
|---|---|---|---|---|---|
| — | United States | $360,591 | 4.5% | 73.1% | 68.6% |
| 1 | Myrtle Beach, SC | $334,411 | 6.0% | 86.9% | 80.9% |
| 2 | North Port, FL | $401,392 | 4.7% | 83.4% | 78.7% |
| 3 | Madison, WI | $433,739 | 2.2% | 78.1% | 75.9% |
| 4 | Knoxville, TN | $355,438 | 6.3% | 81.9% | 75.6% |
| 5 | Deltona, FL | $325,300 | 4.8% | 80.2% | 75.5% |
| 6 | Cape Coral, FL | $339,621 | 3.6% | 78.6% | 75.1% |
| 7 | Provo, UT | $539,459 | 6.5% | 81.5% | 75.0% |
| 8 | Boise City, ID | $485,780 | 4.6% | 79.3% | 74.8% |
| 9 | Grand Rapids, MI | $344,543 | 6.7% | 80.8% | 74.1% |
| 10 | Minneapolis, MN | $380,652 | 4.8% | 78.2% | 73.4% |
Cities With the Smallest Gen Z-Boomer Homeownership Gaps
The homeownership gaps between Gen Z and boomers in any city, even in the “smallest gap” cities, is still larger than the largest homeownership gaps between millennials and boomers.
The cities with the smallest gap between Gen Z and boomers include large, pricy cities such as Los Angeles (54.6%), Las Vegas (55.7%), and New York City (56.1%).
California alone accounts for six of the 10 smallest Gen Z-boomer gaps:
- Los Angeles (54.6%)
- Fresno (58.2%)
- San Francisco (59.4%)
- San Jose (59.6%)
- Stockton (60.7%)
- San Diego (63.3%)
Homeownership in these cities is so difficult that even boomers have lower-than-average homeownership rates.
| Gap Rank | City | Typical Home Value |
Gen Z Ownership Rate |
Boomer Ownership Rate |
Gap |
|---|---|---|---|---|---|
| — | United States | $360,591 | 4.5% | 73.1% | 68.6% |
| 1 | Los Angeles, CA | $954,296 | 1.1% | 55.8% | 54.6% |
| 2 | Las Vegas, NV | $427,633 | 3.2% | 58.9% | 55.7% |
| 3 | New York, NY | $706,888 | 1.6% | 57.8% | 56.1% |
| 4 | Fresno, CA | $404,097 | 2.2% | 60.4% | 58.2% |
| 5 | San Francisco, CA | $1,116,383 | 1.2% | 60.6% | 59.4% |
| 6 | San Jose, CA | $1,605,186 | 1.1% | 60.7% | 59.6% |
| 7 | Honolulu, HI | $842,753 | 2.0% | 62.2% | 60.2% |
| 8 | Miami, FL | $469,603 | 2.3% | 62.8% | 60.5% |
| 9 | Stockton, CA | $527,496 | 2.2% | 62.9% | 60.7% |
| 10 | San Diego, CA | $928,459 | 1.5% | 64.7% | 63.3% |
Homeownership Rates by Generation in the 100 Largest U.S. Metros
Gen Z homeownership rates are as low as 1.1% in San Jose, California, but reach as high as 8.7% in Little Rock, Arkansas. This disparity showcases the difference in affordability by geographic location. A home in San Jose costs $1.6 million but only $225,000 in Little Rock.
Millennial homeownership rates are highest in Provo, Utah, where nearly two-thirds (61.7%) of millennials are homeowners, and lowest in Los Angeles (22.5%), where not even one-fourth are homeowners.
The full data table below shows the homeownership rates for the 100 most populous metro areas in the U.S. Search it to see how your city ranks, or sort it to find the cities with the highest and lowest homeownership rates by generation.
| Rank | City | Home Value |
Gen Z Ownership Rate |
Millennial Ownership Rate |
Gen X Ownership Rate |
Boomer Ownership Rate |
Gap: Gen Z-Boomers |
Gap: Mil.-Boomers |
|---|
📋 Press Kit
▶📊 National Overview
- The U.S. has a homeownership rate of 46.8% among adults 18 and older, the highest in 20 years.
- The homeownership rate fell from 42.9% in 2005 to a low of 37.8% in 2012 before recovering to 46.8% in 2024.
- Homeownership rates for Americans under 30 are 36% lower than they were in 2005, dropping from 18.5% in 2005 to a low of 9.9% in 2016; the current rate is 11.8%.
👥 Generational Snapshot
- The current homeownership rate of each generation:
- Gen Z: 4.5% (3.2 million homeowners out of 70.9 million Gen Zers)
- Millennials: 44.1% (32.8 million out of 74.4 million)
- Gen X: 64.8% (42.3 million out of 65.3 million)
- Baby boomers: 73.1% (49.3 million out of 67.4 million)
- Silent generation: 63.9% (9.9 million out of 15.5 million)
- The homeownership gap between Gen Z and boomers is 68.6 percentage points.
- For Gen Z to match boomers’ homeownership rate, another 48.7 million Gen Zers would need to buy homes by the time they turn 65 — roughly the population of Spain.
🏙️ Millennial-Boomer Homeownership Gaps
- The cities with the biggest homeownership gaps between millennials and boomers are:
- Honolulu, HI: 37.8% gap (millennials 24.4%, boomers 62.2%)
- Myrtle Beach, SC: 37.3% gap (millennials 49.6%, boomers 86.9%)
- North Port, FL: 37.2% gap (millennials 46.2%, boomers 83.4%)
- Cape Coral, FL: 35.8% gap (millennials 42.9%, boomers 78.6%)
- San Diego, CA: 35.2% gap (millennials 29.5%, boomers 64.7%)
- Oxnard, CA: 35.0% gap (millennials 35.0%, boomers 70.1%)
- Deltona, FL: 34.6% gap (millennials 45.7%, boomers 80.2%)
- Orlando, FL: 34.5% gap (millennials 36.1%, boomers 70.6%)
- Phoenix, AZ: 33.5% gap (millennials 42.7%, boomers 76.1%)
- Los Angeles, CA: 33.2% gap (millennials 22.5%, boomers 55.8%)
- In several of these cities, the millennial homeownership rate actually exceeds the national millennial average of 44.1%. These cities appear on the “biggest gap” list because boomer homeownership rates are also particularly high.
- The cities with the smallest homeownership gaps between millennials and boomers are:
- Omaha, NE: 16.4% gap (millennials 57.9%, boomers 74.4%)
- Des Moines, IA: 19.3% gap (millennials 57.8%, boomers 77.1%)
- Winston-Salem, NC: 19.7% gap (millennials 55.5%, boomers 75.2%)
- Provo, UT: 19.8% gap (millennials 61.7%, boomers 81.5%)
- Akron, OH: 20.5% gap (millennials 55.0%, boomers 75.5%)
- St. Louis, MO: 21.1% gap (millennials 55.4%, boomers 76.5%)
- Minneapolis, MN: 21.5% gap (millennials 56.6%, boomers 78.2%)
- Indianapolis, IN: 21.8% gap (millennials 53.2%, boomers 74.9%)
- Fayetteville, AR: 22.4% gap (millennials 52.6%, boomers 75.0%)
- Fresno, CA: 22.5% gap (millennials 37.9%, boomers 60.4%)
- Six of the 10 smallest millennial-boomer homeownership gaps are in Midwestern cities (Omaha, Des Moines, Akron, St. Louis, Minneapolis, Indianapolis).
🏖️ Gen Z-Boomer Homeownership Gaps
- The cities with the biggest homeownership gaps between Gen Z and boomers are:
- Myrtle Beach, SC: 80.9% gap (Gen Z 6.0%, boomers 86.9%)
- North Port, FL: 78.7% gap (Gen Z 4.7%, boomers 83.4%)
- Madison, WI: 75.9% gap (Gen Z 2.2%, boomers 78.1%)
- Knoxville, TN: 75.6% gap (Gen Z 6.3%, boomers 81.9%)
- Deltona, FL: 75.5% gap (Gen Z 4.8%, boomers 80.2%)
- Cape Coral, FL: 75.1% gap (Gen Z 3.6%, boomers 78.6%)
- Provo, UT: 75.0% gap (Gen Z 6.5%, boomers 81.5%)
- Boise City, ID: 74.8% gap (Gen Z 4.6%, boomers 79.3%)
- Grand Rapids, MI: 74.1% gap (Gen Z 6.7%, boomers 80.8%)
- Minneapolis, MN: 73.4% gap (Gen Z 4.8%, boomers 78.2%)
- The widest Gen Z-boomer gap (80.9% in Myrtle Beach) is more than double the widest millennial-boomer gap (37.8% in Honolulu).
- The cities with the smallest homeownership gaps between Gen Z and boomers are:
- Los Angeles, CA: 54.6% gap (Gen Z 1.1%, boomers 55.8%)
- Las Vegas, NV: 55.7% gap (Gen Z 3.2%, boomers 58.9%)
- New York, NY: 56.1% gap (Gen Z 1.6%, boomers 57.8%)
- Fresno, CA: 58.2% gap (Gen Z 2.2%, boomers 60.4%)
- San Francisco, CA: 59.4% gap (Gen Z 1.2%, boomers 60.6%)
- San Jose, CA: 59.6% gap (Gen Z 1.1%, boomers 60.7%)
- Honolulu, HI: 60.2% gap (Gen Z 2.0%, boomers 62.2%)
- Miami, FL: 60.5% gap (Gen Z 2.3%, boomers 62.8%)
- Stockton, CA: 60.7% gap (Gen Z 2.2%, boomers 62.9%)
- San Diego, CA: 63.3% gap (Gen Z 1.5%, boomers 64.7%)
- Even the smallest Gen Z-boomer homeownership gap is wider than the largest millennial-boomer gap — boomers in these cities simply have lower-than-average homeownership rates themselves.
🏠 City Extremes by Generation
- The highest Gen Z homeownership rate is in Little Rock, AR (8.7%), where the typical home value is $225,000.
- The lowest Gen Z homeownership rate is in San Jose, CA (1.1%), where the typical home value is $1.6 million.
- The highest millennial homeownership rate is in Provo, UT (61.7%), where the typical home value is $539,459.
- The lowest millennial homeownership rate is in Los Angeles (22.5%), where the typical home value is $954,296.
Methodology
Clever Real Estate examined U.S. Census American Community Survey Public Use Microdata Sample (PUMS) from 2005 to 2024. We defined a “homeowner” as a head of household or the spouse of a head of household residing in a housing unit that is owned with a mortgage or owned free and clear. Our figures represent the heads of owner-occupied households and their spouses out of the entire U.S. population that is 18 or older.
We used Pew Research’s definition of generations to determine generational rates. Geographies within the PUMS data were matched to core-based statistical areas using crosswalks from the Missouri Census Data Center. Home values came from Zillow’s Data Center. PUMS data was not released in 2020 and was skipped when evaluating U.S. homeownership rates over time.
About Clever Real Estate
Since 2017, Clever Real Estate has been on a mission to make selling or buying a home easier and more affordable for everyone. About 12 million annual readers rely on Clever’s library of educational content and data-driven research to make smarter real estate decisions — and to date, Clever has helped consumers save more than $230 million on Realtor fees. Clever’s research has been featured in The New York Times, Business Insider, Inman, HousingWire, and many more.
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FAQs
Gen Zers are still early in their earning years, and many are in school, starting careers, or saving for a down payment. They’ve also entered adulthood during one of the least affordable housing markets in modern history: Home prices have outpaced wage growth, and mortgage rates climbed to 20-year highs in 2023. Homeownership for those under 30 is currently 36% lower than it was in 2005.
For millennials, Honolulu has the largest gap (37.8%) and Omaha the smallest (16.4%). For Gen Z, Myrtle Beach has the largest gap (80.9%) and Los Angeles the smallest (54.6%). Many Sun Belt retirement destinations show the widest gaps because boomer homeownership rates are exceptionally high there; large, expensive coastal cities show the “smallest” Gen Z gaps because even boomers struggle to own in those markets.
For Gen Z’s homeownership rate to reach boomers’ 73.1%, another 48.7 million Gen Zers would need to buy a home by the time they turn 65. That is roughly the population of Spain. Closing the gap will depend on wage growth, home-price trends, mortgage rates, and whether younger buyers inherit housing wealth as older generations age.
Affordability is one of the clearest drivers. Millennials close the gap most in cities with home values well below the national median of $360,591 — six of the 10 smallest millennial-boomer gaps are in the Midwest. Gen Z homeownership ranges from 1.1% in San Jose (home value $1.6 million) to 8.7% in Little Rock (home value $225,000). Where homes cost less, younger generations have a better shot at buying.