Millennials own significantly more property in total than Gen Z, primarily due to having more time to accumulate wealth and enter the housing market. While 38-year-old millennials are becoming the dominant force in homeownership (56% of 35-year-olds), Gen Z is only just entering the market. However, at the same age (e.g., 24), Gen Zers have a higher homeownership rate than millennials did.
Gen Z has taken the lead in the homeownership race. In 2023, the homeownership rate for adult Gen Zers, or those between 19 and 26 years old, was higher than the homeownership rate for millennials and Gen X when they were 24, according to Redfin, a real estate company. The race is close, though.
Baby boomers own the largest share of U.S. homes among any generation. Despite accounting for one-fifth of the total U.S. population, those born between 1946 and 1964 owned more than one-third of all residential homes in 2022, per Freddie Mac data.
Born between 1965 and 1979 – and therefore, now aged 46- 60 – Gen X also has the largest housing portfolio of any generation.
From July 2023 to June 2024, baby boomers accounted for 42% of home purchases, according to NAR, while millennials, aged 26 to 44, comprised 29% of purchases. It is a marked change from the period spanning July 2022 to June 2023, when 31% of homebuyers were baby boomers and 38% were millennials.
The challenge is not just high prices and mortgage rates; competition is also intense. Today's first-time buyers are competing not only with peers but also with older generations. According to NAR data, more homes were purchased by the Silent Generation (ages 79 to 99) than by Gen Z (ages 18 to 25).
Just 26.1% of Gen Zers owned their home last year, barely moving from 2023's 26.3%. Millennials didn't fare much better: 54.9% owned homes in 2024, up just a hair from 54.8% the year before. For both generations, this stall marks a break in upward trends that had persisted for years.
Key Highlights. Baby boomers account for 42% of all home buyers, while millennials fall to 29% (down from 38% from one year ago). Multigenerational home buying is on the rise, with Generation X leading the trend. Half of older boomers and 40% of younger boomers are purchasing homes entirely with cash.
By waiting to have children, Gen Z has more time to save and invest extra income. They are often further along in their careers, meaning they may be making more money and in a stronger financial position than their predecessors, who tended to have children at a younger age.
Bill Gates isn't even close to America's largest private landowner. It's 'Silent Stan' Kroenke, Walmart husband and LA Rams owner. Stan Kroenke, the billionaire owner of the world's most valuable portfolio of sports clubs, including the Los Angeles Rams and London's Arsenal Football Club, can boast another title.
By the numbers: The Great Wealth Transfer
Gen X, born between 1965 and 1980, are estimated to inherit $39 trillion. Millennials, born between 1981 and 1996, are estimated to inherit $46 trillion. Gen Z, born in 1997 or later, are estimated to inherit $15 trillion.
Currently, Baby Boomers (born 1946-1964) are the richest generation, holding the most wealth due to economic advantages like strong growth and affordable housing during their prime earning years, but Gen Z is projected to become the wealthiest by the mid-2030s, driven by massive wealth transfers from Boomers and new digital wealth-building opportunities, according to recent reports from late 2024/early 2025.
Gen Z's lives have been intertwined with technology from birth. They don't remember a time before Facebook, iPhones and Netflix. However, they don't do as much public posting and they don't spend as much time on Facebook. They're much more like to be into intimate communication platforms, and many identify as gamers.
In California, San Jose and San Francisco had the lowest percentage of Gen Z homebuyers, at just 4%. Oxnard, California followed closely behind at 5%, and Los Angeles, urban Honolulu, and Bridgeport, Connecticut all saw Gen Z represent 6% of total purchases.
While defining a single "unhealthiest" generation is complex, recent studies suggest Millennials face significant health challenges, showing worse health than Gen X at the same age, with higher rates of depression, obesity, diabetes, and substance abuse, but Gen Z is now reporting even higher rates of unhappiness and mental health struggles, potentially leading to earlier physical declines, though some research also points to rising chronic issues in older generations like Baby Boomers.
No single group holds exactly 90% of the wealth globally or in the U.S., but the top 10% of adults globally hold about 85% of the world's wealth, while the bottom 90% hold only 15%, showing extreme concentration; in the U.S., the top 1% owns roughly as much wealth as the bottom 90% combined, with the wealthiest 10% holding about two-thirds of the nation's wealth.
Generational trends in debt patterns indicate that Generation X holds the highest average student loan balances, while Millennials are increasingly facing significant credit card and auto loan debt. Baby boomers also exhibit notable bankruptcy rates, reflecting their financial struggles.
Instead of pursuing the traditional American Dream, Millennials believe that their wealth will be in their savings account and, most importantly to them, the experiences they gain while living. As such, the short-term costs of renting are far easier to bear than those that come with purchasing a home.
Despite their gripes, the generation born between 1981 and 1996 is doing quite a bit better financially than their parents. It's just that they're not outpacing them as much as they expected, especially millennials on the wealthier end of the scale, who are accustomed to everything being extra great.
To afford a $700,000 house, you generally need an annual income between $180,000 to $235,000, depending on interest rates, down payment, and existing debts, with lenders often using the 28/36 rule (housing costs under 28% of gross income, total debt under 36%) to assess affordability. A 20% down payment ($140,000) is common, reducing your loan, but taxes, insurance, and other expenses add to the total monthly cost.