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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.
The race is close, though.
Gen Z makes up only 3% of homebuyers, the National Association of Realtors® reported. This generation is entering homeownership with the lowest income and is unlikely to be married or have children under 18 in their household.
"It is an incredibly difficult housing market right now," said Jessica Lautz, a chief economist at the NAR. "We have very limited housing inventory, and have had very limited housing inventory for a long period of time. It has pushed up home prices at the same time that interest rates are at a higher point than they have been in the last few years, which is making the real estate market really unaffordable."