Owning a home still matters, just not as much as it used to

Estate agents may be busy juggling enquiries from first-time buyers, remortgagers and downsizers alike but new research from Yopa suggests the way different age groups view homeownership is shifting โ€“ and not always in the way the industry might expect.

The survey of Baby Boomers, Gen X, Millennials and Gen Z shows a gulf in ownership levels.
Almost two-thirds (63%) of Baby Boomers now own their home outright, compared with just 23% of Gen X, 6% of Millennials and a tiny 2% of Gen Z.

Instead, todayโ€™s younger buyers are more likely to be servicing a mortgage โ€“ 58% of Millennials and 53% of Gen Z fall into this camp โ€“ or renting, or even living with family.

URGENCY FADING

Interestingly, while 60% of Gen Z still say ownership is important, that figure trails the 66โ€“68% of older generations.

For many, the aspiration remains, but the urgency has faded. What hasnโ€™t changed is the consensus on why ownership matters: security.

For most, itโ€™s about financial stability, while Millennials put more weight on family life.

Where the generations really agree is on how hard it has become to get a foot on the ladder. A hefty 93% of Millennials, 87% of Gen X, 79% of Gen Z and even 73% of Baby Boomers think itโ€™s tougher today than it was for their parents.

The culprits? Rising house prices, the cost of living, and the struggle to save for a deposit.

GENERATIONAL SLIDE
Steve Anderson, Yopa
Steve Anderson, Yopa

Steve Anderson, Yopaโ€™s National Franchise Director, says: โ€œHomeownership remains a cornerstone of both personal achievement and financial security, but younger generations are feeling squeezed like never before – with rising house prices, the cost of living and higher mortgage costs all presenting significant barriers to achieving this life milestone.

โ€œSo itโ€™s no surprise that each generation is finding it more difficult than the last and, whilst it remains an important aspiration in life, weโ€™re starting to see a generational slide when it comes to the degree of importance placed on turning the aspiration into reality.โ€

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