Most millennials are homeowners now, thanks to higher incomes and help from their parents

Skyrocketing home prices haven’t stopped millennials from buying real estate, allowing the cohort to finally switch over to having a greater share of homeowners than renters.

A new report from RentCafe found the number of millennial homeowners – who are anywhere from 27 to 42 this year – jumped by 7 million over the past five years to more than 18 million, with 52% owning a home in 2022. Over 17 million millennial households continue to rent.

Despite the shift, baby boomers – those ages 59 to 77 this year – continue to dominate the housing market with 32 million owners. Gen Xers, who are turning 43 to 58 this year, had more than 24 million homeowners in their ranks.

At what age are millennials buying homes?

Compared to previous generations, it took millennials longer to save enough to afford their first home.

When millennials became majority homeowners, their average age was 34. The average Gen Xers passed the benchmark at 32, while the average boomer was 33, according to RentCafe.

Millennials faced a number of challenges that stalled homeownership, including the Great Recession and considerable amounts of student loan debt. But this generation has more recently had a number of economic factors working in their favor and are “now in their prime homebuying years,” according to RentCafe.

Millennials reached a historically high median income last year of $108,000, up 44% from 2017 and the highest increase among all generations.

The report also notes that many millennials delayed moving out or moved back in with their parents during the pandemic, allowing them to save for a down payment. Others received financial support from family, friends, employers or an assistance program; a 2020 survey from LendingTree found nearly 60% of millennial homebuyers had help with their down payment.

What percentage of millennials are homeowners?

RentCafe’s report was based on Integrated Public Use Microdata Series, or IPUMS, data from the University of Minnesota looking at the nation’s 110 largest metropolitans.

According to the findings, the cities with some of the highest shares of millennial owners compared to renters in 2022 include:

• Midland, Texas: 82%

• Provo, Utah: 76%

• Palm Bay, Florida: 75%

• Youngstown, Ohio: 74%

• Des Moines, Iowa: 73%

• Boise City, Idaho: 72%

• Portland, Maine: 72%

• North Port, Florida: 71%

• Columbia, South Carolina: 69%

• Greenville, South Carolina: 67%

And here are the cities with the smallest share of millennial homeowners:

• Salinas, California: 19%

• San Jose, California: 23%

• Asheville, North Carolina: 25%

• Chattanooga, Tennessee: 28%

• Los Angeles, California: 31%

• Sacramento, California: 32%

• San Diego, California: 32%

• Durham, North Carolina: 33%

• Urban Honolulu, Hawaii: 34%

• New York, New York: 34%

Dig deeper:

• Millennials are flooding the housing market. But what (and where) are they buying? That depends.

• Nearly two-thirds of millennials have homebuyer regrets, survey says

• How Hispanic homeownership became a ‘driving force’ shaping the housing market’s future

• Selling your home? These are the trendy features that buyers will pay more for

You can follow USA TODAY reporter Bailey Schulz on Twitter @bailey_schulz and subscribe to our free Daily Money newsletter here for personal finance tips and business news every Monday through Friday.

This article originally appeared on USA TODAY: Millennials finally flipped from a generation of renters to homeowners