Photo: Chaiel Schaffel/WBZ NewsRadio
BOSTON (WBZ NewsRadio) — The American dream traditionally included home ownership, but a recent study indicates the number of renters is now surpassing owners, especially in Brookline and Watertown.
"It feels like it's easier to rent nowadays and it's harder to get on that home owner path, especially for Gen Z. I don't ever think we're gonna get there," says Sarah of Allston.
According to data from the U.S. Census Bureau, home ownership rates for Millennials and Gen Zers dipped to 36% during the last quarter of 2024, the lowest since 2019.
A recent report highlights a growing trend of Boston suburbs shifting from owner-occupied to renter-dominated. The decision to rent is influenced by various reasons, including low incomes and market conditions that aren't favorable for homeownership. For Sarah, career opportunities are a determining factor behind her living arrangements.
"It's definitely a thing with the jobs as well. I know with my generation a lot of the time if you're gonna get a raise, you gotta move the job. So owning a home isn't really all that substantial because we might have to move for the next paycheck anyway."
Remote work has also been a significant factor for renters. Data shows that renters have more flexibility, as 68% of employers are now offering location flexibility. However, the uncertain job market makes the prospect of home ownership seem unlikely for some Bostonians like Derick.
"Job security right, it's not promised anymore. You buy a home here today and then all of a sudden you lose your job, you gotta make plans for other places."
WBZ NewsRadio’s James Rojas (@JamesRojas.bsky.social) reports.