New Data: Millennial Homeownership in Charlotte Metro Reaches 51%


Today the annual Apartment List Millennial Homeownership Report was released for the past year. 2022 was a milestone year for millennials, who achieved 50% homeownership for the first time according to the latest census data.

When they combine data from their long-running renter survey, they uncovered a deeply divided generation – 51.5% of millennials own homes but those who continue to rent are falling increasingly behind.

Here are some more highlights from this year’s report:
  •  Nationwide, millennials have finally passed 50% homeownership, but they have purchased homes slower than previous generations. For instance, when Gen X was the same age as millennials today, their homeownership rate was 58%.
  • Homeownership varies greatly by location. In Charlotte metro, the millennial homeownership rate is 51%, just shy of the national average. In general, millennials own more homes in the nation’s smaller markets, particularly those in the Midwest and Great Lakes regions.
  • Millennials who continue to rent are getting priced out of homeownership by rapidly rising prices. In our latest survey, 25% of millennial renters say they will rent forever, and two-thirds have no money set aside for a down payment.