JACKSONVILLE, Fla. – A recent survey by Clever Real Estate reveals that while 90% of Americans across generations—baby boomers, Gen X, and millennials—still view homeownership as a key component of the American dream, many believe it’s increasingly out of reach.
Approximately 80% of millennials, 77% of Gen Xers, and 75% of boomers agree that owning a home is not affordable for the average American. 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.
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The study highlights a stark generational divide in attitudes toward homeownership. Only 6% of millennial non-owners express no desire to own a home, compared to 34% of boomer non-owners. Moreover, 52% of millennial and Gen X non-owners consider owning a home their biggest life goal, nearly double the 27% of boomer renters who say the same.
Affordability tops the list of concerns for millennials (44%) and Gen Xers (46%), while boomers are equally concerned with affordability and location (42% each). There’s also broad agreement on what they think is responsible for a lack of affordable homes in the U.S. across generations: inflation.
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%).
Interestingly, the survey also reveals mutual blame between generations for the housing crisis.
Nearly a third (31%) of respondents blame millennials most for the current affordable housing crisis, just ahead of boomers (27%). However, 76% believe millennials and Gen Z are the biggest victims of the current housing crisis.
