Millennials have the lowest historical homeownership rate for people in their age group. This infographic explains why millennials have struggled to afford homeownership.
High student loan debt and high financial asset prices have made it hard for millennials to save up for a substantial down payment and be able to afford regular monthly mortgage payments.
In the second quarter of 2016, it dropped to the lowest rate of 62.9% which is even lower than the homeownership of 1965. From then on, it gained momentum until the fourth quarter of 2018 with a rate of 64.8%. As the second quarter of 2019, it stands at 64.1%.