Realizing homeownership dreams among millennials & Gen Zers

The American Dream of white picket fences surrounding perfectly manicured lawns and well-kept 2-bed, 2.5-bath houses may be a bit of a generalization, but there’s no denying that the common dream of homeownership is alive and well among all generations — including millennials and Gen Zers.

However, especially among these younger demographics, this dream is complicated by several converging challenges — a disproportionate cost of living relative to stagnant wages, escalating housing costs, lackluster credit scores, debt burdens, and limited inventory — that amount to one major challenge: housing affordability.

Millennials & Gen Zers want to buy homes

Millennials and Gen Zers make up a significant portion of the future housing market—in fact, they represented 40% of all U.S. mortgages taken out in 2023.

But, despite their eagerness for homeownership, they’re often hindered by financial challenges and credit constraints that make securing favorable mortgage terms difficult. For example, more than one in three millennials and Gen Zers carries a subprime credit score below 600.


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