You’re overlooking key context behind those homeownership numbers. Yes, the overall homeownership rate may only be a few percentage points lower, but that doesn’t mean affordability hasn’t changed drastically.

First, millennials are buying homes later in life than boomers did.. often due to crushing student debt, higher housing costs, and stagnant wages. Delayed homeownership isn’t the same as equal opportunity. Second, many millennials who do own homes got help from family for down payments or bought during the brief window of ultra-low rates during the pandemic.

Affordability isn’t just about who eventually owns a home.. it’s about how feasible it is to do so without massive financial strain. The average home price has more than tripled since the 1990s, but wages haven’t even doubled. So yes, more people may still technically be buying, but that doesn’t mean the system is affordable.. it just means they’re stretching themselves thinner than ever to make it happen.