New research from Yopa has highlighted generational differences in attitudes toward homeownership, showing that while most still aspire to own, younger buyers place less emphasis on it and face greater obstacles than their parents.
The survey covered Baby Boomers, Generation X, Millennials, and Generation Z, asking about living arrangements, the perceived value of owning, and the barriers to achieving it.
Ownership across generations
Outright ownership declines sharply with age. While 63% of Baby Boomers have paid off their mortgage, the figure falls to 23% for Generation X, 6% among Millennials, and just 2% for Generation Z.
Instead, younger groups are more likely to be paying a mortgage, with 58% of Millennials and 53% of Gen Z falling into this category. Renting and alternative arrangements are also more common, with 15% of Gen Z living with family rent-free, 15% renting privately, and another 15% relying on other housing solutions.
Importance of owning
Although ownership remains a goal, generational priorities differ. Around 66% to 68% of Baby Boomers, Gen X, and Millennials see it as important, compared with 60% of Gen Z.
Across all age groups, financial security is viewed as the main advantage of ownership. Millennials, however, place slightly more weight on the stability it provides for family life.
A tougher path to ownership
On one point, there is consensus: buying a home today is harder than in the past. A majority of Baby Boomers (73%), Gen X (87%), Millennials (93%), and Gen Z (79%) agree it is more difficult now than for their parents. Rising house prices were cited as the main obstacle, with younger buyers also highlighting cost-of-living pressures and the challenge of saving a deposit.
Industry perspective
“Homeownership remains a cornerstone of both personal achievement and financial security, but younger generations are feeling squeezed like never before - with rising house prices, the cost of living and higher mortgage costs all presenting significant barriers to achieving this life milestone,” commented Steve Anderson, national franchise director at Yopa.
“So it’s no surprise that each generation is finding it more difficult than the last and, whilst it remains an important aspiration in life, we’re starting to see a generational slide when it comes to the degree of importance placed on turning the aspiration into reality.”
