Home purchases among millennials have surged in Charlotte. This chart tracks the growth
A new report suggests that Charlotte millennials are flooding the housing market.
According to a study from RentCafe, millennials in the U.S. over the past year are the most active demographic in the nation to transition from renter-majority to owner-majority.
“This demographic gained 10.8 million homeowners in the last decade, including 7.1 million in the last five years to reach 18.2 million in 2022,” the report states.
Homeownership among millennials in Charlotte between 2017 and 2022 jumped by 24%, with a 22% dip in renters.
The RentCafe report outlines the average millennial bought their first home at 34 years old, later than Gen X and Baby Boomer generations. When Gen Xers were the owner-majority generation, the average age of home buyers was 32. For Baby Boomers, the average homeowner was 33.
With more millennials planting their roots and buying homes, the Gen Z population is dominating the renting market, reaching 5.6 million renter households across the country in 2022, according to RentCafe.
For this report, RentCafe looked at generational trends in homeownership and renting based on data for the nation’s 110 largest metros.
Other NC homeownership trends
Greensboro was one of the cities where millennial homeownership more than doubled between 2017 and 2022. Raleigh was among the cities with the highest increase in the number of millennial renters during that time.
The study also noted that experts predict the year will be slow for home sales across the U.S. and will likely encourage renting.
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