According to the latest available data from the US Census Bureau's Housing Vacancies and Homeownership survey, as of the fourth quarter of 2022, the homeownership rate for households headed by millennials (born between 1981 and 1996) was 40.8%.
As a first-time home buyer, it's important to consider the cost of homeowners insurance in addition to the purchase price and other expenses. Homeowners insurance can help protect your investment in the event of damage or loss due to fire, theft, natural disasters, and other unforeseen events.
The cost of homeowners insurance can vary depending on a number of factors, including:
Age of the home
The type of construction
The amount of coverage you require
It's a good idea to research insurance rates and coverage options before purchasing a home, and to obtain multiple quotes from different insurance providers. In addition, many insurers offer discounts for safety features such as smoke detectors, security systems, and fire alarms, so it's worth considering these features when shopping for a home. When budgeting for your first home, be sure to factor in the cost of homeowners insurance to ensure you can afford the overall cost of ownership.
Sources for this information:
US Census Bureau: "Housing Vacancies and Homeownership (CPS/HVS)"
It's worth noting that the COVID-19 pandemic has had a significant impact on the housing market, with low mortgage rates and changes in work and lifestyle driving demand for homes. It remains to be seen how these trends will affect millennial home ownership rates in the coming years.