1058 ET - Young Americans' homeownership momentum stalled in 2024, says Redfin. Gen Z's rate held at just over 25%, flat from 2023 and 2022. The story was similar for Millennials', with54.9% owning their home last year, essentially unchanged from 2023. Older generations saw slight gains: Gen X at 72.9%--up from 72%-- and baby boomers at 79.6%--up from 78.8%. Despite prime homebuying age, soaring prices and rapidly rising mortgage rates thwarted younger buyers. Low inventory kept prices high, with monthly payments hitting $2,800 by spring 2024. Rising wages couldn't keep pace with housing costs, disproportionately blocking young people, who lack equity from prior ownership, unlike older generations. (chris.wack@wsj.com)
(END) Dow Jones Newswires
March 24, 2025 10:58 ET (14:58 GMT)
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