2025 Data: Surprising Findings on Homeownership by Generation

Generational Agreement on the Importance of Homeownership | Millennials, Boomers Blame Each Other for Housing Issues | Millennial Renters Most Optimistic | Boomer Non-Owners Content | Down Payments a Problem for All Generations | Sacrifices for Homeownership | Methodology | FAQs

The world has changed in unimaginable ways from the time the oldest baby boomers were born in the late 1940s to the 21st-century birth dates of Gen Z. From the end of the Cold War and 9/11 to the advent of the internet and social media, the fast-changing last few decades have undoubtedly left unique marks on those who grew up during them.

Americans of all ages seem to prize one fundamental goal, however: owning their own homes. Roughly 9 out of 10 boomers (90%), Gen Xers (90%), and millennials (89%) still believe owning a home is part of the American dream. Two-thirds of those who don’t own homes (67%), including 84% of millennials, want to own one someday. 

Nevertheless, three-quarters or more of each group (80% of millennials, 77% of Gen X, and 75% of boomers) also say homeownership is not affordable for the average American, with different generations blaming differing factors — including one another. There are also some noteworthy differences in what’s holding back non-owners of each generation and what they’d be willing to do to achieve this milestone. 

To find out more, Clever Offers surveyed 1,000 Americans across generations about their views on homeownership, what they’re looking for in a property, and how they view other age groups. Nearly half (44%) own their home outright, while another 28% own with a mortgage. Another quarter (23%) are renting an apartment or house, with the rest (5%) in some other kind of housing situation. 

Read on to see more about the noteworthy similarities and significant differences when it comes to homeownership by generation.

Broad Generational Agreement: Owning a Home Is Important  — And Too Expensive

Despite affordability challenges, Americans continue to believe that owning a home is a core part of the American dream. Approximately 90% say so, tied with access to a quality education (90%) and bested only by access to quality healthcare (91%), a comfortable retirement (91%), and freedom of speech and expression (92%). 

There’s no generation gap at all when it comes to those who selected owning a home, with all generations within a percentage point of the total. 

There’s also no major difference between homeowners (91%) and non-owners (86%) when it comes to those who say homeownership is part of the American dream. 

For many, owning a home may be the single most important part of the American dream. When asked to rank a series of milestones in order of their importance from most (1) to least (10), it averaged the lowest, 4.5. It’s the most important across all generations analyzed. 

Owning a home is more important on average to Americans than having a job they love (4.78), having a comfortable retirement (4.85), being married/having a life partner (5.1), and having children (5.7). 

Americans of All Ages Think Homes Are Too Expensive

No matter their age, there’s one thing respondents are almost unanimous about: Home prices nationwide are too expensive right now. About 93% of boomers say so, along with 92% of Gen Xers and 92% of millennials. 

Similar numbers agree that the U.S. is facing an affordable housing crisis (80% of both boomers and millennials and 79% of Gen Xers) and that owning a home is not affordable for the average American (80% of millennials, 77% of Gen X, and 75% of boomers). 

Even more troublingly, just 35% of millennials, 46% of Gen Xers, and 47% of boomers think owning a home is even attainable for the typical American. 

Even on sometimes contentious issues such as building affordable housing in their own neighborhood, there’s only a six-point gap in support between millennials and Gen X (74% each) and boomers (68%).  

However, there’s a much more significant difference among generations when asked if they’d be willing to pay more in taxes for the government to take action on housing affordability: just 1 in 5 boomers (21%) and 1 in 4 Gen Xers (25%), compared to 39% of millennials. By the same token, 87% of millennials think government policies should do more to make homeownership accessible, substantially higher than the 75% of boomers and 78% of Gen Xers who feel this way.

Boomers Blame Supply and Demand, While Millennials Point to State, Federal Governments 

When it comes to the biggest causes of a lack of affordable homes, there’s also broad agreement: 93% of both boomers and Gen Xers blame inflation, as do 91% of millennials. 

Similarly, 91% of boomers and Gen Xers point to high interest rates, alongside 89% of millennials. High property taxes are also a common culprit, with 92% of boomers, 87% of millennials, and 86% of Gen Xers identifying it as an issue. 

Still, it’s just as notable where there are big gaps, especially between boomers and millennials:

• 83% of boomers blame supply and demand, compared to 68% of millennials.
• 75% of boomers blame real estate investors, and 57% blame homebuilders, compared to 65% and 44% of millennials, respectively. 
• 70% of millennials blame state governments, while just 57% of boomers place the blame there. 
• 61% of millennials blame the Trump administration, 11 points more than boomers (50%). 

Another belief that’s unfortunately consistent across generations is that there’s no relief in sight. Between 57% and 62% of all generations believe home prices in their area and nationally will be higher at this point next year. 

About half of all generations analyzed (54% of Gen X, 51% of boomers, and 49% of millennials) also foresee a higher foreclosure rate in 2026 than today. 

Meanwhile, most buyers, no matter their generation, think mortgage lenders should offer more financial education to borrowers, including 85% of boomers and Gen Xers and 86% of millennials. 

Americans are also thinking about longer-term challenges, such as the higher insurance and construction costs related to climate change. A majority of all generations (56% to 57% of each) are also concerned that climate change will make homeownership more difficult and expensive down the road.

All Age Groups Prize Affordability Most in Housing

Following years of rent and home price increases, paired with increasingly distant suburban sprawl, the most important factors to Americans in a home shouldn’t be surprising. Almost half (44%) picked affordability, while 39% chose location. Affordability was the top choice for millennials (44%) and Gen X (46%) but tied with location at 42% for boomers. 

Just 10% overall pick home size and space as their single most important factor, and 5% say they’re most concerned about resale value. Both are consistent across generations.

Almost half of Americans (45%) would prefer to have a home that meets their needs and preferences but isn’t an ideal investment, compared to 31% who’d opt for a house that’s a good investment, even if it doesn’t check all their boxes. 

Another quarter (25%) are desperate enough to buy any home they can afford, even if it’s not a good investment and doesn’t meet all their needs or preferences. These feelings are relatively consistent across all age groups surveyed. 

Comfort (49%) and stability (46%) primarily motivate non-owners in their desire to own a home, though 41% are looking for the freedom to customize and personalize their space in ways that rentals typically don’t allow. Millennial would-be buyers feel far stronger about the first two issues, with 58% citing comfort (compared to 38% of boomers) and 60% pointing to stability (compared to 32% of boomers). 

Another notable generation gap is on the issue of safety. Almost half of millennials (44%) are motivated by safety in their quest to purchase, over 3x the number of boomers who say the same (13%).

As for the aspects of the house itself, there are some interesting differences by generation, particularly at the extremes. 

More than twice as many millennials (12%) as boomers (5%) say the smallest home they’d consider is a tiny house under 600 square feet. However, twice as many millennials (8%) than boomers (3%) also say the smallest home they’d buy would be a large one over 2,500 square feet. This seems to reflect both more flexibility and also higher standards among different parts of the millennial generation. 

There are further signs of millennial housing flexibility in their willingness to consider non-traditional housing options, such as co-living, houseboats, or RVs. About 39% of millennials say so, compared to 30% of boomers. Gen X is the most open to these offbeat housing situations, however, with 43% saying they’d consider one. 

Of course, size isn’t everything. A whopping 85% of Americans would prefer to live in a smaller house in an ideal location, compared to 15% who’d take a larger house in a non-ideal spot. Still, more than 1 in 4 millennials (27%) choose the larger house that’s less ideally located, over twice the number of boomers who feel the same (12%). 

This may be another case where boomers’ experience with the time and cost of maintaining large properties shines through or, alternatively, a sign of shifting priorities among millennials as many start or grow families. 

Blame Game: Boomers and Millennials See Each Other As Most Responsible for Housing Issues

Although all generations seem to recognize the problems in the housing market, who’s responsible is a more open question. Around a third of all respondents (31%) blame millennials most for the current affordable housing crisis, just ahead of boomers (27%). 

Notably, 35% of millennials selected boomers, while only 25% of boomers picked themselves. Meanwhile, 33% of boomers blamed millennials, while only 21% of millennials pointed the finger at their own generation. 

Somewhat surprisingly, respondents also see millennials (30%) as most responsible for the lack of housing inventory, as opposed to boomers (24%), who largely led the policy, planning, and business decisions that shaped the current market over the previous decades. 

Again, just 19% of millennials see themselves as most responsible for lack of housing inventory, while 30% of boomers feel this way. Meanwhile, only 24% of boomers chose their own generation, compared to 32% of millennials who selected boomers. 

Altogether, it’s discouraging evidence that different generations can’t even agree on how we got into the current housing trouble, much less the proper solutions. 

Boomers Seen as Responsible Homeowners, Gen Z as Entitled and Unrealistic 

These aren’t the only differences in views by generation. Two-thirds of overall respondents (66%) believe boomers are the most financially responsible generation when it comes to homeownership, far more than any other generation. Americans also see boomers as least likely to buy a property as a status symbol, with just 18% saying so.

Feelings weren’t universally positive about older homeowners, however. More than one-third (37%) picked boomers as the generation most likely to report neighbors to the HOA while not following neighborhood policies themselves, 14 percentage points more than second-place millennials (23%). 

Respondents were also more likely by far to see boomers as most likely to oppose affordable housing. The 42% of Americans who say so is at least double any other generation. 

Meanwhile, over half of Americans (57%) believe Gen Z owners are the least financially responsible, more than 2x the next most-selected generation, millennials (23%). 

In addition, respondents view Gen Z as the most entitled when it comes to their homeownership expectations, with 31% saying so. However, that’s just a few points ahead of boomers (28%). This goes hand in hand with the 57% of respondents who say Gen Z is the most unrealistic about what they deserve in a home. 

Gen Z (40%) and millennials (39%) also make up the vast majority of who Americans think is most likely to overpay for a home out of desperation and are essentially tied when it comes to who Americans believe are the biggest complainers about the housing market, 39% to 37%, respectively. On this latter issue, roughly 3x more selected those generations than boomers (11%) or Gen X (13%). 

However, 76% of respondents also believe Gen Z and millennials are the biggest victims of the current housing crisis, perhaps making those complaints somewhat warranted. 

Millennial Non-Owners Most Optimistic About Buying in the Future

Even as the youngest millennials reach their 30s, they seemingly haven’t lost their youthful positivity when it comes to homeownership. About 60% of millennial non-owners are optimistic about owning a home in the future, far higher than the 38% of boomer renters who feel this way. 

Along these same lines, far fewer millennials say current housing prices make them feel hopeless than boomers, 58% vs. 73%, respectively. 

Meanwhile, although 83% of Americans believe that homeownership will be more difficult for future generations, only 76% of millennials believe this will be the case. That’s despite the fact that twice as many millennials (30%) as boomers (15%) hold the troubling belief that it’s too late for the United States to solve affordable housing issues.

This general positivity is also present elsewhere in millennials' housing views. Two-thirds of later-career or retired boomer (66%) and Gen X (66%) renters believe their lack of income will prevent them from ever owning a home, compared to just 44% of millennials. This is somewhat realistic, as mid-career millennials hitting their prime earning years likely have more time to grow their salaries compared to older generations.

Millennial confidence is also linked to their priorities. Over half of millennial and Gen X non-owners (52% each) say owning a home is their biggest goal in life, nearly double the number of boomers (27%). That’s unsurprising considering 39% of millennials feel social pressure to own a home, double the number of Gen Xers (20%) who say the same and over 3.5x the number of boomers (11%). 

And it’s not just about owning a home; it’s about owning the right home, too. About 1 in 5 millennials (20%) admit they’d feel ashamed if they had to live in a home smaller than what they wanted because they couldn’t afford their ideal place. That’s nearly 3x the number of boomers (7%) who feel this way.

Younger Buyers More Likely to See Unfair Treatment in Home Purchases

One thing millennials aren’t particularly positive about is how they view their treatment by real estate agents and their place in the housing market.

Almost a third of millennials (30%) say they’ve felt discriminated against when looking for housing, 3x the number of boomers who say the same (10%). A majority of millennials (55%) also say younger buyers aren’t taken seriously, 14 percentage points higher than respondents overall (41%). 

Millennials see real-world consequences for this lack of respect, too. About 42% believe real estate agents prioritize older clients, a view only 24% of boomers share. 

In addition, nearly half of millennials (47%) think mortgage lenders offer better rates and service to older generations, 16 percentage points more than the number of boomers who feel this way (31%). There’s also a 16-point gap between millennials (59%) and boomers (43%) when it comes to whether they believe mortgage lenders have more respect for older clients. 

This mindset may be the reason millennials are more willing than other generations to hide their home's flaws to make a bigger profit when selling, with roughly a third (32%) saying so, compared to a quarter of Gen X (25%) and only 1 in 9 boomers (11%). 

Almost 6x as Many Boomer Renters Never Want to Own a Home Compared to Millennials

Among all non-owners, 63% thought they’d be homeowners by this point in their life. Interestingly, this is relatively consistent across generations, with 62% of millennials, 67% of Gen X, and 62% of boomers saying so. 

Still, older renters generally seem to be just fine with their housing situation. Although only 52% of non-owners say they prefer renting as one of the reasons they don’t own, that number rises to 66% among boomers. Around 61% of boomer renters go even further, saying they’re relieved they don’t currently own a home, 21 percentage points more than millennial renters (40%). 

Half of boomer non-owners (50%) would prefer to spend their money elsewhere, compared to 36% of millennial renters. Meanwhile, nearly 6x as many boomer renters say they never want to own compared to non-owning millennials (34% vs 6%, respectively).

With age, it seems many have ceased to care what others think of their living situation. Only 30% of boomers who don’t own a home say they feel behind in life because of this fact. That’s substantially lower than the 44% of millennials who say this as they often watch their peers take this notable life step. 

At the same time, just 1 in 5 boomer non-owners (21%) feel embarrassed about not yet owning, half the number of millennials who say the same (42%). 

Nearly Two-Thirds of All Generations See Down Payments as Hurdle to Homeownership

Among those who don’t currently own a home, the most common reason is simple: They can’t afford it. Over three-quarters of these respondents (76%) cite this as a reason, ranging from 72% of millennials to 78% of boomers.

For nearly three-quarters of non-owners, a hard-to-overcome issue is affording a down payment, with 71% of respondents saying they couldn’t put down any money right now.

Saving the over $83,000 required for a 20% down payment on a median-priced home can be a significant challenge, especially for the 65% of non-owners who currently spend over 30% of their income on housing, which is a commonly accepted standard for affordability. Meanwhile, it’s likely nearly impossible for the 37% who spend over half of their income on rent and other housing costs. 

Perhaps surprisingly, Gen X has the highest number of housing-cost-burdened renter households, with 73% paying over 30% of their income and 47% paying over half. That’s compared to 60% and 38% of millennial renters, respectively.  

Ironically, it seems the best way to come up with a significant down payment is to already be a homeowner. Although 25% of all respondents could put down $75,000 or more for a purchase, this includes just 7% of boomer renters, 6% of Gen X renters, and essentially no millennials renters at all (0%). 

Almost two-thirds of boomer renters (63%) could only put down $5,000 or less, often not even enough to cover closing costs or earnest money deposits. About 61% of Gen Xers are in the same boat. 

Millennials fare a bit better on this question, with just 30% saying their down payment is limited to $5,000 or less. However, half (50%) still have under $10,000 available to put down. 

Amount Available for Down Payment	Boomer Homeowners	Boomer Renters	Gen X Homeowners	Gen X Renters	Millennial Homeowners	Millennial Renters
$0	9%	29%	11%	27%	6%	10%
Less than $5,000	17%	63%	26%	61%	28%	30%
Less than $10,000	23%	75%	37%	74%	35%	50%
Less than $20,000	30%	84%	49%	87%	51%	80%
Less than $30,000	40%	88%	56%	90%	57%	90%
Less than $40,000	47%	88%	62%	91%	60%	90%
Less than $50,000	55%	90%	69%	93%	61%	90%
Less than $75,000	63%	93%	75%	95%	71%	100%
Less than $100,000	70%	94%	80%	98%	83%	100%

Boomers Fear Maintenance Costs, Millennials Held Back by Student Debt, Bad Credit

Though down payments are the top issue holding back renters who can’t afford to buy overall, the No. 1 reason boomers say they can't afford a home is because they wouldn't be able to afford maintenance and repairs (64%). Only 25% of millennials feel this way, potentially due to less real-life experience with the actual cost of homeownership.

On the other hand, 22% of millennials can’t afford a home because of their student debt, more than 7x the number of boomers (3%). Millennials are also more than 2x as likely to point to bad credit holding them back compared to boomers (36% vs. 15%, respectively).  

Meanwhile, between two-thirds and three-quarters of each generation of renters don’t own because they’re concerned the economy is going to worsen, though millennials are most optimistic at just 68%, compared to 72% of boomers and 73% of Gen X. 

Along similar lines, a majority of millennial non-owners (52%) aren’t buying in part because they don’t feel confident in their ability to understand and compare different mortgage options, and nearly half (46%) haven’t bought because they admit they don’t even know how to begin the home-buying process. 

Millennials are also much more likely to not own a home out of a desire to move somewhere else at some point. About 40% of that generation say they haven’t bought because they plan to move to another city or state, 2.5x the number of boomers who say the same (16%). 

Almost a quarter of millennials who don’t currently own are also practicing patience, with 22% not buying because they expect to inherit a home in the future. That’s 2x the number of Gen Xers who are expecting a property as an inheritance (11%). 

The motivations of boomer non-owners also stand out. Understandably for an aging generation, far more boomer non-owners (65%) than millennial non-owners (40%) say they haven’t purchased because they don’t want to deal with the time and cost of maintenance and upkeep. 

Renters Reluctant to Make Lifestyle Sacrifices to Own a Home – Except Some Millennials

It’s not surprising that 67% of renters say they want to own a home at some point in the future, as 59% of millennials, 66% of Gen Xers, and 67% of boomers believe renting is throwing money away. 

Unfortunately, it doesn’t appear many are willing to give up much to achieve this goal. When renters were asked about 20 various sacrifices they might make to be able to own a home, none had a majority of respondents willing to do them. 

Notably, for every surveyed sacrifice, millennials were 2x to 5x more willing than boomers to do so. That’s a far cry from the almost half of respondents (45%) who believe that boomers are the most willing to make sacrifices to afford a home — nearly 3x the number who say this about millennials (18%). 

The most popular sacrifice would be taking on a side gig or second job, which 43% of overall respondents would do. However, this ranges from 62% of millennials to just 29% of boomers.

Only 39% would be willing to buy a fixer-upper, a time-tested tactic for struggling would-be owners. Millennials are twice as willing to do so than boomers, 56% vs. 28%. Likewise, a third of all respondents are even willing to downsize (34%). 

In general, the relative willingness to make certain sacrifices can be a bit eyebrow-raising. Respondents are more willing to skip meals (24%), find a sugar daddy/mommy (18%), or sell their plasma (16%) than move to a less desirable location (14%), delay major life events (13%), or sublet or rent out part of their home (11%).

This unwillingness to sacrifice now for future gain makes sense when you consider that approximately 40% of non-owners say they’ll never be able to own a home, including 56% of boomers in this group. However, just 20% of millennial renters don’t believe they’ll ever be able to buy a home.

As might be expected, those who never expect to buy a home are the least willing to make sacrifices in these and other categories. 

Methodology

Clever Offers surveyed 1,000 Americans to explore their views on homeownership and other real estate topics. The group included just over half boomers (52.4%), 27.2% Gen X, and 14.2% millennials. Small numbers of Gen Z (1.8%) and the silent generation (4.6%) were also surveyed. The survey was conducted from Feb. 20 to 24, 2025.  

About Clever Offers

Clever Offers is a platform that empowers sellers who need to sell quickly or for cash to compare their options and make informed decisions. Clever Offers' free service connects sellers with vetted cash buyers and top local realtors, allowing them to evaluate traditional cash offers alongside options such as cash offers with a second payment upon resale, listing on the MLS for as little as 7 days, and standard open-market listings. 

FAQs

How do different generations view homeownership?

Roughly 9 out of 10 boomers (90%), Gen Xers (90%), and millennials (89%) all believe owning a home is still part of the American dream, but 80% of millennials, 77% of Gen X, and 75% of boomers also say it’s not affordable for the average American. Learn more.

Why do American renters not own homes?

Over three-quarters of renters (76%) cite affordability as a reason, ranging from 72% of millennials to 78% of boomers, with 71% of respondents saying they couldn’t put down any money toward a home right now. Learn more. 

Who is responsible for the affordable housing crisis?

About 31% of Americans blame millennials most for the current affordable housing crisis, just ahead of boomers (27%). However, millennials and boomers are more likely to blame one another than their own generation. Learn more.

What’s most important to would-be homebuyers of various generations? |

Almost half of renters (44%) picked affordability as the most important factor in a home, while 39% chose location. Just 10% overall pick size and space as their most important factor, and 5% say they’re most concerned about resale value. All are relatively consistent across generations. Learn more.