Welcome to the party

From Axios:

Millennial homeowners outnumber renters for the first time

Millennial homeowners outnumbered millennial renters for the first time last year, despite creeping interest rates and a tight real estate market.

Driving the news: Nearly 52% of the first generation to grow up in the Internet age ​​— people born from 1981 to 1996 — were homeowners in 2022, making the largest ownership gains of any generation in the last five years, according to a new RentCafe report.

By the numbers: The number of millennial homeowners increased by 7.1 million between 2017 and 2022 to 18.2 million, a 64% increase.

  • There are still 17.2 million millennial renters, which is still considered the dominant renter generation, RentCafe found.
  • The average millennial bought their first home at 34, slightly older than the average age of past generations, when boomers took the keys at 33 and Gen X at 32.

Yes, but: Older generations still own more homes than millennials.

  • Baby boomers, who were born 1946 to 1964, own about 32.1 million homes as of 2022, but lost 354,000 homeowners in the last five years.
  • Gen X, born from 1965 to 1980, own 24.4 million homes, an increase of 1.9 million.

This entry was posted in Demographics, Economics, National Real Estate. Bookmark the permalink.

38 Responses to Welcome to the party

  1. dentssdunnigan says:


  2. dentssdunnigan says:


  3. dentssdennigan says:


  4. Phoenix says:


    “A woman talks to one man, looks at another, and thinks about a third.”

    Then hooks up with everyone in the department.

  5. Juice Box says:

    Lots of chatter about Ukraine today. They are running our of air defense missiles for the systems that they have which are a hodgepodge of old soviet-era weapons.

    Russian fighter jets and bombers will be raining down death again if we don’t give them better air defenses in the next few weeks!.. There has been mutually denied air superiority for both sides for months now, no close air support for the troops etc.

    There will be a louder cry for F-16s as we still make and support them.



  6. grim says:

    From Politico:

    No One Should Be That Shocked by What’s Happening in Tennessee

    But for those who have closely watched the chamber in recent years, the events were of little surprise. The place has been defined by partisan vitriol, pique, scandal, racism and Olympic-level pettiness for years.

    I know. I covered it.

    The protest and subsequent expulsion over decorum rules took place in a chamber where a GOP member, for years, rang a cowbell every day of session as a raucous, attention-grabbing substitute for applause.

    When I covered the Tennessee Capitol from 2018 to 2021, the family-values espousing Republican House speaker had to explain why his text message trail included discussions of pole-dancing women and his chief of staff’s sexual encounters in the bathroom of a hot chicken restaurant.

    After a Republican lawmaker was accused of sexually assaulting 15- and 16-year-old girls he had taught and coached, he was made chairman of the House education committee.

    Protesters filled the halls week after week, year after year, calling for the removal of the bust of the Ku Klux Klan’s first Grand Wizard, a piece of art featured prominently between the House and Senate chambers. Democrats pushed for its removal, while Republicans resisted.

    A Democrat who declined to support the current speaker’s reelection had her office moved into a small, windowless room. In a twist of fate, that same Democrat, Rep. Gloria Johnson, a white woman, narrowly escaped expulsion on Thursday. (Reps. Justin Jones and Justin Pearson fared differently.)

    And then, of course, there was the famous peeing incident, where a legislator’s office chair was urinated on in an act of intraparty retribution over shitposting. The actual identity of the Republican urinator is a closely-held secret among a small group of operatives who have bragged about witnessing it. But it’s generally accepted that former state Rep. Rick Tillis, a Republican and the brother of U.S. Sen. Thom Tillis, did indeed have his chair peed on in the Cordell Hull legislative office building.

  7. grim says:

    Lots of chatter about Ukraine today. They are running our of air defense missiles for the systems that they have which are a hodgepodge of old soviet-era weapons.

    Curious about all the talk about the Crimean Offensive – seems like a long shot, and I’m sure the Russians have fortified to the extent that any advance would be incredibly difficult. Losing Crimea would be a catastrophe for Putin, probably see us moving one step closer to nuclear or chemical warfare.

  8. Fast Eddie says:

    I’ve been looking at houses/condos/townhouses from Hillsborough to West Milford to Fort Lee to Sayreville… basically everywhere north of I-195 and I just can’t see pulling a trigger on anything that’s 50% higher than it was ~ four years ago. Especially with a 6.5% 30 yr. rate. It’s just mind-numbing. If I had a crystal ball and knew these prices were the baseline for the next five to ten years, I maybe can justify it but currently, I can’t see how people are spending beyond meeting their monthly bills. How the hell are they swinging all of it?

  9. Juice Box says:

    It’s more like threatening Crimea is the key to ending this conflict, it might draw the Russians to the bargaining table. First they would need to sink the Black Sea Fleet and destroy the airfields.

    The West is still only providing enough weapons to keep Ukraine fighting, not winning, they don’t have enough heavy armor to invade Crimea or the trained manpower to do it. We will send them a million shells this year to bomb the front lines from 10 miles away or in the case of HIMARS 50 miles away, but not 500 modern tanks to push forward or longer range ammunition and systems. They would need that much armor to take the place, as it is already heavily fortified perhaps more so than anywhere around in modern history today.

    Also the population there in Crimea are not waving Ukraine flags, they are for the most part all Russian speakers really many Russians who moved there decades ago. What are they going to do if they actually took he place? Kick out nearly 2 million Russians, and take their homes and land? Those are war crimes too.

  10. Bystander says:

    Rich retired boomers buying real estate bc don’t know what else to do with Fed’s trillions given to them. LLCs buying up properties to flip/rent bc Fed’s liquidity spigot still cranking. Dual income millennials, selling apartments at a profit and moving to the burbs with help from rich boomer parents. The people who don’t get it? You and me. Working chums who primarily survive on one income (or low income producing spouse) and don’t have major cash parachutes from Mom and Dad.

  11. Fast Eddie says:

    The people who don’t get it? You and me.

    I’m seeing 2bd/2bth condos sold for ~ 215K in 2020 listed at 375K today. It’s absolutely maddening. I swear to God, if I list my house, it’s going to be for a nauseating price.

  12. BRT says:

    Marco Rubio
    We need to find out if @EmmanuelMacron speaks for Europe

    After his 6 hour meeting in China he told reporters that Europe should create distance with the U.S. & should not get involved in supporting America over China when it comes to Taiwan

    That’s right…we need maximum hostility, and everyone must be involved

  13. Bystander says:

    Semester finishing, finals coming…and queue Rutgers teacher strike. It is smart timing. If I learned one thing being in IT program management, timing is your only friend in wage negotiation. Deliver something and you are infinitely less valuable. Make it someone else’s problem to deliver it and purse strings open.

  14. Bystander says:

    A refresher on our outrage, news cycles and “this time it is different. We won’t stand for it”


  15. Boomer Remover says:

    My immediate circle of friends consists of folks who knock down 800K houses and built customs, people who bought 5-10 years ago on relatively meager salaries and are forever locked in, and folks who bought coops cash whose ongoing hoa fees are ~50% of comparable rent. Then there are the dirty unwashed masses of renters, myself included.

    We are > $250K and the total monthly nuts don’t make sense to us. It’s absurd, but Bystander is right, 1031 money and implicit guarantees from well established parents goes far.

    It was all fun and games for a while, but it’s becoming increasingly clear that we need to abscond with our liquid to someplace with better housing stock.

  16. Phoenix says:

    I get you.

  17. Phoenix says:

    About all I could afford, where they are in the video that is. Interesting thing is there are some of these in Warren County, NJ still today. Many don’t know about Edison’s other exploits:


  18. Bystander says:


    I am the result of two diametrically opposed Irish mentalities. My father, first gen, youngest of 10 and grew up poor in rich LI town. My mother grew up on a farm in northern Ireland. My father worked his way up via long distance running , engineering, sales, mgt. He challenged himself to the play “the game” everyday and learned to lie, conive and party with best of them. My mother was sharp-tongued, iron strong independent who could charm or slam anyone with her words. Completely feet on ground type and ‘not better than anyone, no one better than you’. I have high standards / expectations from my Dad and hatred of “the game” from my mother. Pretty f-ed.

  19. Phoenix says:

    Wow. Your life sounds like my child’s life. Roles reversed, however..

    Started watching Afterlife on Netflix, interesting show. Liked this quote:

    “A society grows great when old men plant trees in whose shade they shall never sit.”

    Too bad none of our “old men” planting trees, they are too busy cutting them down and building more homes for greed and profit, not just to build homes for people.

  20. Bystander says:

    Another day, another 4 dead, 8 injured shooting event at bank in KY. Add it to the wall. Man, when do the Rs put out their mental health coverage overhaul to stop all these gun deaths? It is the real problem, of course. I will wait on Kev boy to put in his budget plan? Nah, Hunter laptop investigation..

  21. Phoenix says:

    When asked why he robbed banks, Willie Sutton said “because that is where the money is.”

    A shooter killed four people at a bank in downtown Louisville, police said Monday morning. Police shot the assailant, authorities said, but it was unclear whether the person died of a self-inflicted wound.

    Two officers were injured, with one in critical condition. Another victim is also in critical condition, authorities said. There is no active danger, authorities said.

    Kentucky Gov. Andy Beshear (D) said two of his close friends were killed in the shooting and another was injured.

    “I have a very close friend that didn’t make it today. And I have another close friend who didn’t, either,” he told reporters, choking up. “And one who’s at the hospital, that I hope is going to make it through.”

  22. Phoenix says:

    Mental health coverage does not fix structural problems. An example:

    Telling an unemployed homeless person to cheer up things are great, then getting back in your Lexus doesn’t exactly send the correct message….

  23. Phoenix says:

    When seconds count the police are only minutes away.

  24. Phoenix says:

    Unless they are all having sex with each other or your wife, then they will be there after they wash up.

  25. Phoenix says:

    Only ones I feel sorry for are the hospital workers who have to patch them up, work every weekend, with no pensions and lousy health benefits.

    But teachers and cops enjoy Good Friday. Discounts at Apple stores. And real retirement plans.

  26. Bystander says:

    “A society grows great when old men plant trees in whose shade they shall never sit.”

    Great quote, Phoenix. Diametrically opposed to how our country operates today.

  27. Juice Box says:

    Here is what the striking Rutgers folks want, 20% raise over 4 years and COLA adjustments tied to Inflation above 5%.

    No idea what the cost would be but lets just say 10% of their budget which is $5.1 billion budget. I gather governor Murphy will find $500 million or so sitting around in the couch cushions?


  28. BRT says:

    One of my old collaborators at Rutgers is approaching 80 and collecting $500k a year. A lot of these professors just enjoy the high life once they reach that age. To be honest, when I was TAing at Rutgers, I would say the amount of work to teach a college course is about 20% of what it is to teach a high school course. It pays very well for full tenured professors.

  29. joyce says:

    Is the $500k a salary or pension amount?

  30. Juice Box says:

    Joyce – lots of high paid folks there, even the assistant football coaches are paid $500,000 a year.

    Here is the data from 2021.


  31. Boomer Remover says:

    Aside from superstar coaches, I note the first few pages are all medical staff. Are these folks paid this much because they are essentially physicians and if Rutgers didn’t meet the going market rate for a radiologist, the radiologist would simply leave academia for practice?

  32. Juice Box says:

    Sort on right. Distinguished Prof – $557,523

    And many more making $400,ooo

  33. Jim says:

    Juice Box says:
    April 10, 2023 at 5:19 pm

    Here is the data from 2021.

    I guess that answers the question , Why is a college degree so expensive?
    I imagine all were paid 100% during the pandemic. Not a bad job if you can get it, Plus the best healthcare which the NJ taxpayer can afford or not.

  34. BRT says:

    I looked up a bunch more. Lower level professors making $150k. Those climbing the ladder, $250k to $450k. Two of my professors in Chem were married, never really did much in terms of research. I see them in Wegmans from time to time. But I just checked. One is now collecting $250k, his wife, $440k as she somehow ended up in the Dean’s office. That’s $700k a year going to people who barely stay past 1 pm.

  35. BRT says:

    The reality is, the higher ups probably have nothing to do with the strike as they are living high and mighty on this scam. Make no mistake though, they will be the chief beneficiaries from any raises. 5% on a $150k salary is 7.5k. The person on a $500k salary it’s much more.

    I remember when we were working without contract at my last district. They constantly said “there’s no money”, yet the admin magically settle for some obscene 8% raise during that time. While teachers were hoping for a measly $1k more next year, the assistant super is cashing in an extra $20k, or 2/5 of the young teacher’s salary at the time.

  36. The Great Pumpkin says:

    Bitcoin 30k ….ETH almost 2k!

  37. Bruiser says:

    Rutgers strike is all about the adjuncts – essentially per diem lecturers – who think they’re the same as Professor II’s. It’s about as absurd as a Fortune 500 outsourcing its customer service to the lowest price vendor, and those vendor’s employees demanding the same perks and status as the former FTE’s. Power to the people…but the people are dumb.

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