The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s' - Fortune

What the report says

Fortune reports that housing data is increasingly dividing millennials into two distinct groups rather than one shared economic cohort. Citing Jessica Lautz, deputy chief economist at the National Association of Realtors, the article says older millennials, ages 36 to 45, are more likely to resemble past generations of established homeowners, while younger millennials, ages 27 to 35, remain constrained by affordability, rent burdens and debt. The story was published July 25, 2026, by Fortune’s Nick Lichtenberg.

According to figures cited by Fortune from NAR, older millennials have become a powerful homebuying segment, with median household income of $132,700 and purchases of larger homes, at a median 2,100 square feet. Only about a third are first-time buyers, suggesting many already have equity to use toward new purchases. Younger millennials, by contrast, are buying smaller homes, making lower down payments and reporting that student loans, rent and credit card debt have delayed purchases.

The article also points to recent Federal Reserve Bank of Minneapolis research led by Erik Hembre, which found that the under-35 homeownership rate looks much lower when measured by who owns the home they live in, rather than by household structure. Lautz told Fortune that this better captures the rise of young adults living in homes owned by others, including parents or relatives.

Fortune frames the shift as part of a broader move toward multigenerational living, with Lautz comparing it to older housing patterns from the early 1900s. The story matters because it suggests the housing market is not only delaying homeownership for younger adults, but also reshaping family living arrangements and widening wealth gaps within the same generation.