More millennials are reaching the point where previous generations reached a peak of homebuying, but are not starting households at 💟the same rate as prior generations, new Freddie Mac research said.

The report found that more millennials are approaching common first-time homebuyer ages than had in the previous 15 years. The oldest millennial is 41 years 𓆉old, while the youngest is about 26.

Large♌st 📖Generation Has Lowest Household Formation

While millennials are the largest generation in the U.S., boasting 72 million people, they have lower rates of 澳洲幸运5开奖号码历史查询:household formation compared with previous generations.

Millennials have struggled through a hostile economic environment in their adulthoods, strewn with low wages and high housing costs, as well as escalating 澳洲幸运5开奖号码历史查询:costs for education and health care. These factors often have resulted in millennials living with relatives to survive financially.

However, the generation that previously lagged in homeownership and was characterize﷽d as living in thei🥀r parents’ basements is now driving housing demand, with the number of households increasing by 7.4 million since 2018, according to Fannie Mae.

One key factor that contributed to this acceleration in homebuying was the unusually 澳洲幸运5开奖号码历史查询:low interest rates offered during the pandemic.

Still Much Potential

By comparison, 澳洲幸运5开奖号码历史查询:baby boomers reached the peak household-forming age range of 26-41 years old in 1987, and Gen Xers were the൩re in🃏 2006. For both cohorts, 53% were heads of household by those ages. 

In the U.S. today, there would be an additional 3 million households if 澳洲幸运5开奖号码历史查询:millennials had formed them at the same rate as Boomers and Gen Xers, based on Freddie Mac and U.S. Census Bureau estimates. This gap suggests that there is still a lot of potential for millennials—not only to form new households but also to move into homeownership.