One astonishing statistic shows just how behind American millennials are when it comes to homeownership

Business Insider | 1/22/2020 | Hillary Hoffower
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Millennials own 4% of real estate value in the US — at their age, baby boomers owned 32% of the country's real estate value, Christopher Ingraham reported for The Washington Post.

Increased housing costs and debt have made it difficult for millennials to afford homeownership.

Shortage - Homes - Millennials - Homes - Boomers

But it doesn't help that there's a shortage of starter homes — and that millennials don't want to buy the homes baby boomers are trying to sell.

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Millennials - Entry - Homeownership - Story

The latest is in on millennials' delayed entry into homeownership, and it tells a grim story.

Millennials only own 4% of American real estate by value — a lot less than the 32% of real estate value baby boomers owned at their age, according to new Fed Reserve data examined in the Economist.

Gap - Age - Millennials - Baby - Boomers

It's worth noting that there's a small gap in the median age of millennials and baby boomers in these two data points — 31 in 2019 for millennials compared to 35 for baby boomers in 1990. But, while it's likely millennials could narrow the real estate value gap within the next four years, reported Christopher Ingraham for The Washington Post, it's unlikely they'll even reach 20% of the housing market.

Crippled with student debt and financially behind due to the fallout of the recession, it's difficult for millennials to save for the skyrocketing cost...
(Excerpt) Read more at: Business Insider
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