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Homeownership is slightly down from Q1 to Q2 this year. It's no surprise that the senior population still had the highest rate at 78% for Americans 65 and older. Which came down from 78.5%. But the younger generation are the ones making the largest movement going from 35.4% to 36.4% from Q1 to Q2, which is the largest increase of any age group.
Zillow's data suggests that the decline is due mainly to affordability and many homeowners not able to save up enough for a down payment.
Earlier this year Realtor.com published a report that showed Millenials surpassed Generation X as the group most responsible for the new mortgages in 2018. Since then, Millenials' share of the mortgage market has continued to rise.
By the end of 2018 Millenials represented 45% of all new mortgages, compared to 36% for Generation X, and 17% of Baby Boomers.
In Nov 2018, Millenials finally overtook Generation X as having the largest share of new loans by dollar volume, with a share of 42% in December, compared to a share of 40% for Gen X and 17% for Baby Boomers.
The big takeaway is that Millenials are willing to take on larger mortgages than any other generation to fulfill their dreams of homeownership.