Attitudes towards homeownership vary between generations with its perceived importance among younger buyers waning according to research from Yopa.

Their findings show a clear divide in levels of outright ownership as whilst 63% of Baby Boomers have paid off their mortgage, this figure drops sharply to 23% among Gen X, 6% for Millennials and just 2% for Gen Z. 

Renting and alternative living arrangements are also more common among these younger cohorts, as 15% of Gen Z still live with family rent-free (a far higher proportion versus previous generations), whilst 15% rent privately and a further 15% have resorted to other housing arrangements.

Steve Anderson, Yopa’s National Franchise Director, said: “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. 

“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.”

Homeownership however still remains a high priority with 60% of Gen Z respondents ranking it as important, this is lower however than previous generations, who had placed a higher importance on homeownership between 66% and 68%. 

The vast majority of Baby Boomers (73%), Gen X (87%), Millennials (93%) and Gen Z (79%) all agreed that ownership has become more difficult, with house prices standing out as the main barrier across all four groups.