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Millennials, Homeownership, and Relocation: What Employers Are Missing
Millennials have overtaken the Baby Boomer generation as the largest share of U.S. homebuyers. However, Millennials’ path to home ownership remains slower—and more expensive—than previous generations, something employers may wish to consider when relocating talent today.
Majority Homeownership, But at a Cost
Millennials have had a tough path to homeownership: rising housing costs, student loan debt, and delayed life milestones have resulted in Millennials getting another nickname in the last ten years: Generation Rent.
But recent data tells of a changing story: home ownership rates remain below levels that Gen X and Baby Boomers had reached at the same age, but Millennials remain a driving force in today’s housing market². Consider that:
- About 55% of Millennials own homes in the U.S. as of 2024, according to Fool.com’s research based on U.S. Census data¹—positive news considering that many entered the housing market much later than their parents or grandparents.
- The National Association of Realtors (NAR) reported in 2024 that Millennials made up 28% of homebuyers, reclaiming their position as the largest share of buyers after briefly being surpassed by baby boomers in 2023.3
- When buying a home, over half of Millennials pay either the full asking price or up to 10% more, according to NAR and 66% cite owning a home as a key element of the American dream.4
For mobility professionals, this underscores an important point: many relocating Millennials will be in the process of buying or selling a home at the same time as they are moving for work. Providing access to vetted real estate agents, relocation mortgage options, and temporary housing can ease the transition and reduce stress during a career move.
Regional Differences Matter
Millennial homeownership varies widely by geography:
- In lower-cost metros across the Midwest and South, they are achieving ownership at higher rates.
- In contrast, in high-cost coastal cities like San Francisco, Los Angeles, and New York, many Millennials remain priced out despite stable incomes.
A Florida Realtors analysis in 2023 emphasized that location is one of the biggest determinants of Millennial homeownership rates, with affordability gaps across regions widening in recent years.⁶
For employers, this highlights the need to consider geographic disparities when relocating this generation. A move from a low-cost region to a high-cost coastal city can dramatically change an employee’s financial outlook. Offering cost-of-living adjustments, housing allowances, or financial counseling can make relocations more sustainable and attractive.
Affordability Challenges Remain
Even as home ownership numbers rise, affordability remains a primary challenge. Mortgage rates, which climbed above 7% in 2023, pushed potential buyers to the sidelines. Further, a 2025 report Real Estate Witch/Clever Real Estate found 52% of Millennials say high home prices are the biggest barrier to homeownership.⁵
For companies relocating Millennials, the difference between homeownership and renting is significant:
- Homeowning employees may need company support with selling or renting out their current homes, navigating mortgage portability, or handling tax implications tied to relocation. After years of rising home prices and elevated mortgage rates, 2025 is finally bringing relief for buyers and - for now - buyers are seeing the clearest affordability gains in years.
- Renting employees often require company assistance for breaking leases, securing deposits, or finding competitive housing in increasingly expensive markets or where supply is short.
Offering tailored mobility benefits helps companies remove barriers to relocation acceptance and improve employee acceptance rates.
Progressive companies are providing strategic support for relocating renters who want to fulfill their dream of homeownership and NEI increasingly sees progressive companies offering relocating renters reimbursement of destination home closing costs and direct-billed mortgage partner assistance.
Another method companies can use is contributing to home purchases for first-time homebuyers is offering funds towards new home down payments or closing cost assistance or other incentives in the form of forgivable loans that don’t have to be paid back unless the employee leaves the company within a certain period, perhaps two or three years. In light of California’s TRAPs law AB692 (“Stay or Pay”) and other states considering following suit to California, it’s important that any agreements offering forgivable loans be reviewed by one’s legal counsel to ensure repayment will be possible upon termination.
Relocation packages that include rental assistance, housing stipends, or partnerships with destination service providers can help Millennials manage affordability challenges in new markets. This is especially critical when destinations are high-cost locations where housing takes up a disproportionate share of income.
Timing and Lifestyle Shifts
Millennials tend to marry and have children later than previous generations. These are milestones historically associated with buying a first home, but that may also be changing.
Accounting firm WWD CPA notes that “delayed household formation and slower wealth accumulation” have contributed to Millennials reaching homeownership later in life compared to Gen X or Boomers.²
From a corporate mobility perspective, this means relocations may involve younger, single employees who are renters, as well as older ones relocating with families who may own homes.
HR teams that differentiate support for these two profiles—flexible lease-break coverage for singles and family-focused destination services for homeowners with children—can align benefits with evolving life stages.
Slower, Costlier and More Uneven Than Earlier Generations
With more than half now homeowners and Millennials reclaiming their position as the largest share of buyers, “the renter generation” label no longer applies as much as in years past.
Yet their road to homeownership has been slower, costlier, and more uneven than that of earlier generations as aspiring homeowners point to affordability as a key issue holding them back. For buyers and refinancers, affordability is finally improving in a meaningful way, though the path forward still depends on whether inflation continues to ease and the Fed follows with additional cuts in the future. The market feels optimistic.
For employers and Mobility leaders, the message is clear: relocation support must adapt to generational differences. Whether assisting renters with lease transitions or helping homeowners navigate mortgages and real estate transactions, companies that design relocation benefits around these needs will gain a competitive edge in attracting and retaining Millennial talent.
NEI will continue to keep you updated on this trend and its impact on the relocation space. If you would like to discuss this or any other issue in greater detail, please reach out to your NEI representative at 800.533.7353.
About NEI Global Relocation
NEI Global Relocation (NEI), a certified Women’s Business Enterprise (WBE), partners with over 200 clients—including Fortune Global 100, Fortune 500, and Fortune 1000 companies—to deliver world-class global mobility and assignment management solutions. Headquartered in Omaha, Nebraska, with offices in Switzerland and Singapore, NEI helps companies transition employees smoothly across the globe.
NEI has consistently earned strong rankings in independent industry surveys, including the Trippel Nationwide Relocating Employee Survey and the Trippel Relocation Managers’ Survey, which highlight performance in both employee experience and client satisfaction. Recently, NEI has also been honored with multiple Gold Stevie® Awards, including recognition for Company of the Year – Business or Professional Services and Customer Satisfaction at the International and American Business Awards. These accolades reflect NEI’s commitment to service excellence and its leadership in the global mobility industry.
Combining consultative expertise, benchmarking, trend analysis, innovative technology, and end-to-end relocation solutions, NEI empowers organizations to make confident global mobility decisions and deliver exceptional relocation experiences.
The above article is provided for informational purposes only. Please consult your tax, legal, or accounting advisors before making any decisions or transactions.
Sources
1. Fool.com, Millennial Homeownership: Who’s Buying Homes and Where (2024).
2. WWD CPA, Homeownership Trends: A Millennial Perspective (2023).
4. The Spokesman-Review, Millennials and Mortgages: Navigating the Path to Homeownership (2023).
5. Real Estate Witch / Clever Real Estate — Millennial Home Buyer Report: 2025 Edition
6. Florida Realtors, Millennial Milestone: 50% Homeownership Rate (2023).
7. Komonews, Fewer Americans on the move, held back by cooling jobs market, limited home supply
Millennials, Homeownership, and Relocation: What Employers Are Missing
Millennials have overtaken the Baby Boomer generation as the largest share of U.S. homebuyers. However, Millennials’ path to home ownership remains slower—and more expensive—than previous generations, something employers may wish to consider when relocating talent today.
Majority Homeownership, But at a Cost
Millennials have had a tough path to homeownership: rising housing costs, student loan debt, and delayed life milestones have resulted in Millennials getting another nickname in the last ten years: Generation Rent.
But recent data tells of a changing story: home ownership rates remain below levels that Gen X and Baby Boomers had reached at the same age, but Millennials remain a driving force in today’s housing market². Consider that:
- About 55% of Millennials own homes in the U.S. as of 2024, according to Fool.com’s research based on U.S. Census data¹—positive news considering that many entered the housing market much later than their parents or grandparents.
- The National Association of Realtors (NAR) reported in 2024 that Millennials made up 28% of homebuyers, reclaiming their position as the largest share of buyers after briefly being surpassed by baby boomers in 2023.3
- When buying a home, over half of Millennials pay either the full asking price or up to 10% more, according to NAR and 66% cite owning a home as a key element of the American dream.4
For mobility professionals, this underscores an important point: many relocating Millennials will be in the process of buying or selling a home at the same time as they are moving for work. Providing access to vetted real estate agents, relocation mortgage options, and temporary housing can ease the transition and reduce stress during a career move.
Regional Differences Matter
Millennial homeownership varies widely by geography:
- In lower-cost metros across the Midwest and South, they are achieving ownership at higher rates.
- In contrast, in high-cost coastal cities like San Francisco, Los Angeles, and New York, many Millennials remain priced out despite stable incomes.
A Florida Realtors analysis in 2023 emphasized that location is one of the biggest determinants of Millennial homeownership rates, with affordability gaps across regions widening in recent years.⁶
For employers, this highlights the need to consider geographic disparities when relocating this generation. A move from a low-cost region to a high-cost coastal city can dramatically change an employee’s financial outlook. Offering cost-of-living adjustments, housing allowances, or financial counseling can make relocations more sustainable and attractive.
Affordability Challenges Remain
Even as home ownership numbers rise, affordability remains a primary challenge. Mortgage rates, which climbed above 7% in 2023, pushed potential buyers to the sidelines. Further, a 2025 report Real Estate Witch/Clever Real Estate found 52% of Millennials say high home prices are the biggest barrier to homeownership.⁵
For companies relocating Millennials, the difference between homeownership and renting is significant:
- Homeowning employees may need company support with selling or renting out their current homes, navigating mortgage portability, or handling tax implications tied to relocation. After years of rising home prices and elevated mortgage rates, 2025 is finally bringing relief for buyers and - for now - buyers are seeing the clearest affordability gains in years.
- Renting employees often require company assistance for breaking leases, securing deposits, or finding competitive housing in increasingly expensive markets or where supply is short.
Offering tailored mobility benefits helps companies remove barriers to relocation acceptance and improve employee acceptance rates.
Progressive companies are providing strategic support for relocating renters who want to fulfill their dream of homeownership and NEI increasingly sees progressive companies offering relocating renters reimbursement of destination home closing costs and direct-billed mortgage partner assistance.
Another method companies can use is contributing to home purchases for first-time homebuyers is offering funds towards new home down payments or closing cost assistance or other incentives in the form of forgivable loans that don’t have to be paid back unless the employee leaves the company within a certain period, perhaps two or three years. In light of California’s TRAPs law AB692 (“Stay or Pay”) and other states considering following suit to California, it’s important that any agreements offering forgivable loans be reviewed by one’s legal counsel to ensure repayment will be possible upon termination.
Relocation packages that include rental assistance, housing stipends, or partnerships with destination service providers can help Millennials manage affordability challenges in new markets. This is especially critical when destinations are high-cost locations where housing takes up a disproportionate share of income.
Timing and Lifestyle Shifts
Millennials tend to marry and have children later than previous generations. These are milestones historically associated with buying a first home, but that may also be changing.
Accounting firm WWD CPA notes that “delayed household formation and slower wealth accumulation” have contributed to Millennials reaching homeownership later in life compared to Gen X or Boomers.²
From a corporate mobility perspective, this means relocations may involve younger, single employees who are renters, as well as older ones relocating with families who may own homes.
HR teams that differentiate support for these two profiles—flexible lease-break coverage for singles and family-focused destination services for homeowners with children—can align benefits with evolving life stages.
Slower, Costlier and More Uneven Than Earlier Generations
With more than half now homeowners and Millennials reclaiming their position as the largest share of buyers, “the renter generation” label no longer applies as much as in years past.
Yet their road to homeownership has been slower, costlier, and more uneven than that of earlier generations as aspiring homeowners point to affordability as a key issue holding them back. For buyers and refinancers, affordability is finally improving in a meaningful way, though the path forward still depends on whether inflation continues to ease and the Fed follows with additional cuts in the future. The market feels optimistic.
For employers and Mobility leaders, the message is clear: relocation support must adapt to generational differences. Whether assisting renters with lease transitions or helping homeowners navigate mortgages and real estate transactions, companies that design relocation benefits around these needs will gain a competitive edge in attracting and retaining Millennial talent.
NEI will continue to keep you updated on this trend and its impact on the relocation space. If you would like to discuss this or any other issue in greater detail, please reach out to your NEI representative at 800.533.7353.
About NEI Global Relocation
NEI Global Relocation (NEI), a certified Women’s Business Enterprise (WBE), partners with over 200 clients—including Fortune Global 100, Fortune 500, and Fortune 1000 companies—to deliver world-class global mobility and assignment management solutions. Headquartered in Omaha, Nebraska, with offices in Switzerland and Singapore, NEI helps companies transition employees smoothly across the globe.
NEI has consistently earned strong rankings in independent industry surveys, including the Trippel Nationwide Relocating Employee Survey and the Trippel Relocation Managers’ Survey, which highlight performance in both employee experience and client satisfaction. Recently, NEI has also been honored with multiple Gold Stevie® Awards, including recognition for Company of the Year – Business or Professional Services and Customer Satisfaction at the International and American Business Awards. These accolades reflect NEI’s commitment to service excellence and its leadership in the global mobility industry.
Combining consultative expertise, benchmarking, trend analysis, innovative technology, and end-to-end relocation solutions, NEI empowers organizations to make confident global mobility decisions and deliver exceptional relocation experiences.
The above article is provided for informational purposes only. Please consult your tax, legal, or accounting advisors before making any decisions or transactions.
Sources
1. Fool.com, Millennial Homeownership: Who’s Buying Homes and Where (2024).
2. WWD CPA, Homeownership Trends: A Millennial Perspective (2023).
4. The Spokesman-Review, Millennials and Mortgages: Navigating the Path to Homeownership (2023).
5. Real Estate Witch / Clever Real Estate — Millennial Home Buyer Report: 2025 Edition
6. Florida Realtors, Millennial Milestone: 50% Homeownership Rate (2023).
7. Komonews, Fewer Americans on the move, held back by cooling jobs market, limited home supply
Millennials, Homeownership, and Relocation: What Employers Are Missing
Millennials have overtaken the Baby Boomer generation as the largest share of U.S. homebuyers. However, Millennials’ path to home ownership remains slower—and more expensive—than previous generations, something employers may wish to consider when relocating talent today.
Majority Homeownership, But at a Cost
Millennials have had a tough path to homeownership: rising housing costs, student loan debt, and delayed life milestones have resulted in Millennials getting another nickname in the last ten years: Generation Rent.
But recent data tells of a changing story: home ownership rates remain below levels that Gen X and Baby Boomers had reached at the same age, but Millennials remain a driving force in today’s housing market². Consider that:
- About 55% of Millennials own homes in the U.S. as of 2024, according to Fool.com’s research based on U.S. Census data¹—positive news considering that many entered the housing market much later than their parents or grandparents.
- The National Association of Realtors (NAR) reported in 2024 that Millennials made up 28% of homebuyers, reclaiming their position as the largest share of buyers after briefly being surpassed by baby boomers in 2023.3
- When buying a home, over half of Millennials pay either the full asking price or up to 10% more, according to NAR and 66% cite owning a home as a key element of the American dream.4
For mobility professionals, this underscores an important point: many relocating Millennials will be in the process of buying or selling a home at the same time as they are moving for work. Providing access to vetted real estate agents, relocation mortgage options, and temporary housing can ease the transition and reduce stress during a career move.
Regional Differences Matter
Millennial homeownership varies widely by geography:
- In lower-cost metros across the Midwest and South, they are achieving ownership at higher rates.
- In contrast, in high-cost coastal cities like San Francisco, Los Angeles, and New York, many Millennials remain priced out despite stable incomes.
A Florida Realtors analysis in 2023 emphasized that location is one of the biggest determinants of Millennial homeownership rates, with affordability gaps across regions widening in recent years.⁶
For employers, this highlights the need to consider geographic disparities when relocating this generation. A move from a low-cost region to a high-cost coastal city can dramatically change an employee’s financial outlook. Offering cost-of-living adjustments, housing allowances, or financial counseling can make relocations more sustainable and attractive.
Affordability Challenges Remain
Even as home ownership numbers rise, affordability remains a primary challenge. Mortgage rates, which climbed above 7% in 2023, pushed potential buyers to the sidelines. Further, a 2025 report Real Estate Witch/Clever Real Estate found 52% of Millennials say high home prices are the biggest barrier to homeownership.⁵
For companies relocating Millennials, the difference between homeownership and renting is significant:
- Homeowning employees may need company support with selling or renting out their current homes, navigating mortgage portability, or handling tax implications tied to relocation. After years of rising home prices and elevated mortgage rates, 2025 is finally bringing relief for buyers and - for now - buyers are seeing the clearest affordability gains in years.
- Renting employees often require company assistance for breaking leases, securing deposits, or finding competitive housing in increasingly expensive markets or where supply is short.
Offering tailored mobility benefits helps companies remove barriers to relocation acceptance and improve employee acceptance rates.
Progressive companies are providing strategic support for relocating renters who want to fulfill their dream of homeownership and NEI increasingly sees progressive companies offering relocating renters reimbursement of destination home closing costs and direct-billed mortgage partner assistance.
Another method companies can use is contributing to home purchases for first-time homebuyers is offering funds towards new home down payments or closing cost assistance or other incentives in the form of forgivable loans that don’t have to be paid back unless the employee leaves the company within a certain period, perhaps two or three years. In light of California’s TRAPs law AB692 (“Stay or Pay”) and other states considering following suit to California, it’s important that any agreements offering forgivable loans be reviewed by one’s legal counsel to ensure repayment will be possible upon termination.
Relocation packages that include rental assistance, housing stipends, or partnerships with destination service providers can help Millennials manage affordability challenges in new markets. This is especially critical when destinations are high-cost locations where housing takes up a disproportionate share of income.
Timing and Lifestyle Shifts
Millennials tend to marry and have children later than previous generations. These are milestones historically associated with buying a first home, but that may also be changing.
Accounting firm WWD CPA notes that “delayed household formation and slower wealth accumulation” have contributed to Millennials reaching homeownership later in life compared to Gen X or Boomers.²
From a corporate mobility perspective, this means relocations may involve younger, single employees who are renters, as well as older ones relocating with families who may own homes.
HR teams that differentiate support for these two profiles—flexible lease-break coverage for singles and family-focused destination services for homeowners with children—can align benefits with evolving life stages.
Slower, Costlier and More Uneven Than Earlier Generations
With more than half now homeowners and Millennials reclaiming their position as the largest share of buyers, “the renter generation” label no longer applies as much as in years past.
Yet their road to homeownership has been slower, costlier, and more uneven than that of earlier generations as aspiring homeowners point to affordability as a key issue holding them back. For buyers and refinancers, affordability is finally improving in a meaningful way, though the path forward still depends on whether inflation continues to ease and the Fed follows with additional cuts in the future. The market feels optimistic.
For employers and Mobility leaders, the message is clear: relocation support must adapt to generational differences. Whether assisting renters with lease transitions or helping homeowners navigate mortgages and real estate transactions, companies that design relocation benefits around these needs will gain a competitive edge in attracting and retaining Millennial talent.
NEI will continue to keep you updated on this trend and its impact on the relocation space. If you would like to discuss this or any other issue in greater detail, please reach out to your NEI representative at 800.533.7353.
About NEI Global Relocation
NEI Global Relocation (NEI), a certified Women’s Business Enterprise (WBE), partners with over 200 clients—including Fortune Global 100, Fortune 500, and Fortune 1000 companies—to deliver world-class global mobility and assignment management solutions. Headquartered in Omaha, Nebraska, with offices in Switzerland and Singapore, NEI helps companies transition employees smoothly across the globe.
NEI has consistently earned strong rankings in independent industry surveys, including the Trippel Nationwide Relocating Employee Survey and the Trippel Relocation Managers’ Survey, which highlight performance in both employee experience and client satisfaction. Recently, NEI has also been honored with multiple Gold Stevie® Awards, including recognition for Company of the Year – Business or Professional Services and Customer Satisfaction at the International and American Business Awards. These accolades reflect NEI’s commitment to service excellence and its leadership in the global mobility industry.
Combining consultative expertise, benchmarking, trend analysis, innovative technology, and end-to-end relocation solutions, NEI empowers organizations to make confident global mobility decisions and deliver exceptional relocation experiences.
The above article is provided for informational purposes only. Please consult your tax, legal, or accounting advisors before making any decisions or transactions.
Sources
1. Fool.com, Millennial Homeownership: Who’s Buying Homes and Where (2024).
2. WWD CPA, Homeownership Trends: A Millennial Perspective (2023).
4. The Spokesman-Review, Millennials and Mortgages: Navigating the Path to Homeownership (2023).
5. Real Estate Witch / Clever Real Estate — Millennial Home Buyer Report: 2025 Edition
6. Florida Realtors, Millennial Milestone: 50% Homeownership Rate (2023).
7. Komonews, Fewer Americans on the move, held back by cooling jobs market, limited home supply
