From Home Furnishing Business
FastFact: Gen X, Millennial Home Ownership on the Rise
Our examination of consumer spending by generation continues this week with a comparison of the housing tenure, race and education of each group.
Data from the latest Consumer Expenditure Survey by the Bureau of Labor Statistics showed that Generation X is rapidly catching up with Baby Boomers in terms of home ownership, with 62% of Gen Xers now owning a home. That compares with 76% of Baby Boomers and just 33% of Millennials.
On the surface, that might not sound promising for home furnishings purchases, but the sheer size of the Millennial group – and the assumption that their rate of home ownership will increase rapidly in the next decade – is reason for optimism.
For an in-depth look at the numbers, click here.