Does owning a home mean you’re an adult? Millennials think so

  • Millennials may be increasingly moving away from the sidelines and ready for homeownership.

Faster. Better. Together.
Inman Connect San Francisco, Jul 16-20, 2018

Have millennials who have been slow to jump onto the housing ladder finally figured out the path to wealth their parents followed? The latest survey from Bank of America (BofA) suggests they believe so -- and that they are moving happily along their way toward being for-real, big boy (or girl) grownups. Indeed, the survey by GfK Public Communications and Social Science on behalf of BofA’s consumer lending group found that 39 percent of the 18-to-34 year-old owners queried associated ownership with adulthood. That’s the largest share of any generation to feel that way. On the other hand, just 16 percent think of owning a home as achieving the American dream and only 11 percent equate it with permanence. In both cases, they are the least likely generation to define owning a home in that fashion. Jumping in from the sidelines It found that millennial owners are least likely to define ownership as permanent. Here, the breakdown was 11 percent for Gen Yers, 23 percent for Gen...