Are Married Millennials More Likely To Be Homeowners?

Changes in lifestage are widely assumed to be the key catalyst for homebuying decisions, especially when considering younger shoppers. Millennials, the largest living generation and those born between 1980 and 2000*, are notorious for delaying life choices like getting married and having kids.

The housing industry has been waiting for years for a full rebound in the homeownership rate among young shoppers. For example, the homeownership rate for those under 35 years old averaged 40.8% in the year 2000, peaked during the housing boom at 43.6% in 2004, and remains depressed at 37.5% today.  

• As expected, the average homeownership rate for a married Millennial in top metros is 60% compared to 43% for those not married.
• Of the markets with the highest share of Millennial homeowners, there’s a large cluster in the Midwest (six of the top ten). Select markets in the Southeast and Northeast also have relatively high rates of ownership.
• Five markets show a homeownership rate for married Millennials over 70%: Indianapolis, Greenville, Detroit, Cleveland, and Minneapolis.

Marriage Struggles To Solve For Affordability

• The areas with the largest share of married Millennials do not necessarily correspond with the highest homeownership rate for the cohort.
• In some markets across the country, marriage is related to a huge jump in ownership rates, while in others, the difference is negligible.

This research reiterates the need for increased and modified new home offerings, concerted efforts by economic development councils to bring in more high-paying jobs, and that lifestage factors are a part of an even bigger puzzle to analyze demand.