This chart uses 100+ years of US Census data to show homeownership rates for each generation at different stages of life.
A lot has been said about millennials struggling to afford homeownership. But by age 40, white millennials have reached a homeownership rate of 70%, higher than Gen X and only a few percentage points shy of earlier generations. However for Black millennials, only 39% own homes by age 40. For three consecutive generations, the Black homeownership rate has slipped and the racial homeownership gap has widened.
Some additional commentary for each generation:
GREATEST (born 1901-1927)
The fastest growth in US homeownership took place between 1940-80, when the Greatest generation was in their 30s-70s. This was driven by a post-WWII construction boom and mass migration to the suburbs. The era was characterized by legal racial discrimination, worsening segregation, and “white flight.” White families bought homes in the suburbs, while Black families bought homes in the emptied city centers.
SILENT (born 1928-1945)
The suburban housing boom also boosted homeownership for the Silent, who were in their teens-50s at the time. For both white and Black households, Silent homeownership would eclipse Greatest homeownership.
BABY BOOMER (born 1946-1964)
The oldest generation hit by the Great Recession. Boomers were 44-62 in 2008 and you can see their homeownership rates dip during those ages. But the effect was worse for Black homeowners, who were 76% more likely than white homeowners to experience foreclose during the market crash.
GENERATION X (born 1965-1980)
The unequal effects of the recession hit younger generations too: Gen X was in their 30s and 40s. White Gen Xers reached 50% homeownership by age 29, whereas it would take Black Gen Xers until age 54.
MILLENNIAL (both 1981-1996)
Millennials came of age during the housing bubble and homeownership has grown slower than previous generations. Black millennial homeownership is growing at a similar pace to white households born nearly 100 years earlier.
Full Report:
Black homeownership rebounding but stagnant since the 1970s
Data Source:
US Census Bureau, Decennial Census (1920-1990) and American Community Survey (2020-2021). Microdata accessed via IPUMS USA, University of Minnesota.
Chart designed in R using packages ipumsr, dplyr, ggplot2.