Sipping their matchas in their own homes — Millennials have finally become an owner-majority generation in the U.S. How did this happen?
RentCafe’s newest report shows that the number of Millennial owners has grown in just five years by 7 million nationwide — more than any other generation. Impressively, more than one quarter of the 110 largest metros analyzed saw the number of Millennial owners double between 2017 and 2022.
Charlotte is nearing this historic milestone, but it hasn’t crossed the line yet. Bucking the national trend, the metro’s Millennials are still a renter-majority generation, even with a 24% growth in Millennial owners in the last 5 years. In fact, all the large metros in the Tar Heel State have some way to go before reaching that target.
Here’s a clear snapshot of generational trends in housing across Charlotte, according to the most recent IPUMS data:
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Millennials: The metro reached a peak of 122,796 Millennial owners, after a 24% jump between 2017 and 2022. As a result, 49% of people in this age group are now living in their own homes. By comparison, the number of renting Millennials dropped by 22% — but they still make up the largest share of renters in Charlotte.
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Gen X: They are the largest generation of homeowners in Charlotte, having 18% more owners than 5 years ago. On the other hand, the number of Gen X renters fell by 14%. Those living in their own homes make up 77% of the total, while 23% are renting.
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Baby Boomers: Right after Gen X, they are the 2nd largest generation of homeowners in Charlotte, boasting a 23% change. The number of Baby Boomers who rent, however, declined by 64%. Consequently, the ratio of home owners to renters is 93% : 7% for this cohort.
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Gen Z: Zoomers are now coming of age and establishing themselves in the job market. That explains the exponential growth for both owners and renters in this age group in the area: by 182% and 256%, respectively. As such, 43% of Gen Zers in Charlotte currently own their homes, while 57% are renters.
5-Year Changes in 50 Largest U.S. Metro Areas
| 21 | St. Louis, MO | 30.8% | −32.7% | −9.6% | −31.6% | 75.5% | 15.4% | 58.5% | 499.5% |
|---|---|---|---|---|---|---|---|---|---|
| 22 | Baltimore, MD | −22.1% | −40.2% | −3.8% | −16.8% | 64.4% | −26.4% | 778.6% | 763.0% |
| 23 | Orlando, FL | −3.5% | −14.4% | 40.3% | 4.8% | 113.4% | −3.8% | 277.1% | 325.5% |
| 24 | Charlotte, NC | 23.1% | −64.0% | 18.3% | −14.0% | 24.0% | −22.3% | 181.6% | 256.4% |
| 25 | Portland, OR | −17.4% | 35.1% | 30.0% | −42.3% | 146.0% | −5.1% | 55.9% | 838.8% |
| 26 | Cleveland, OH | 51.0% | 14.3% | −7.8% | −0.2% | 36.8% | 85.1% | N/A | 515.7% |
| 27 | Sacramento, CA | 8.8% | −19.1% | 6.3% | −5.5% | 6.8% | −4.0% | 230.2% | 72.8% |
| 28 | Pittsburgh, PA | 17.1% | 22.6% | 18.3% | −26.6% | 18.7% | 2.9% | N/A | N/A |
| 29 | Las Vegas, NV | 6.0% | −21.9% | −7.8% | −21.5% | 157.7% | 18.8% | N/A | 402.0% |
| 30 | Columbus, OH | 26.9% | −19.3% | 24.0% | −19.2% | 28.7% | −21.3% | 434.6% | 779.3% |
| 31 | San Jose, CA | 40.4% | −26.9% | 19.0% | −21.4% | 40.2% | 49.7% | N/A | 1353.0% |
| 32 | Kansas City, MO | 6.9% | −2.2% | 4.2% | −3.2% | 70.1% | −18.4% | 871.4% | 1640.5% |
| 33 | Indianapolis, IN | −10.6% | −18.7% | −9.9% | −23.1% | 76.8% | 36.6% | N/A | N/A |
| 34 | Nashville, TN | 0.1% | −18.7% | 26.6% | −9.5% | 64.8% | −21.6% | 90.4% | 2503.3% |
| 35 | Austin, TX | −8.5% | −4.6% | 16.3% | −38.5% | 112.0% | 6.3% | 447.2% | 802.2% |
| 36 | Cincinnati, OH | 1.2% | −17.7% | −3.9% | −5.9% | −16.3% | −32.1% | 53.2% | 108.8% |
| 37 | Milwaukee, WI | −11.9% | 57.7% | 42.6% | −17.4% | 157.4% | 6.4% | N/A | 640.6% |
| 38 | Jacksonville, FL | −21.0% | −22.5% | −6.4% | −41.9% | 115.9% | −32.9% | N/A | N/A |
| 39 | Providence, RI | −1.7% | −35.8% | 23.8% | −20.2% | 74.7% | 2.8% | N/A | 494.3% |
| 40 | Richmond, VA | −0.4% | 34.6% | 15.7% | 134.2% | 234.0% | 3.0% | 560.4% | 353.4% |
