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The homeownership rate among older millennials (ages 25 to 34) is 37 percent, compared with 45 percent for Gen Xers and baby boomers when they were the same age, and these rates vary when broken down by race and ethnicity. This data talk session will explore these racial gaps and size up the mortgage-ready millennial population by race and ethnicity. Millennials are more racially and ethnically diverse than previous generations, and it is likely that the parents of millennials of color have lower wealth and lower homeownership rates than their white counterparts. This data talk will ask the question, “What is the impact of parents’ homeownership and wealth on the homebuying prospects of their children?” and quantify how parents’ homeownership and wealth impact their children’s homeownership prospects. We also estimate the portion of the racial gap in young adult homeownership that can be explained by parental tenure status and financial capacity. Speakers will also examine how an increase in parents’ housing value and wealth increases their children’s ability to transition to successful homeownership.
- Jaclene Begley, Economist, Economic and Strategic Research, Fannie Mae
- Jung Hyun Choi, Research Associate, Housing Finance Policy Center, Urban Institute
- Jaya Dey, Quantitative Analytics Manager, Affordable Lending Analytics and Research, Freddie Mac
- Laurie Goodman, Vice President, Housing Finance Policy Center, Urban Institute (moderator)