An analysis of inter-generational changes in homeownership in selected countries

Abstract

There has been a growing narrative, suggesting that Millennials as a generation, are worse-off than the generation of their parents. Challenging this assumption through the lens of homeownership rate, this thesis sets out to analyse inter-generational homeownership rates between Baby Boomers and Millennials, in order to determine whether homeownership has in deed changed between the two cohorts and if rates have shifted, what has contributed to this change and what trends and developments have emerged as a consequence. By taking the approach of an in-depth compare and contrast analysis of three countries: United States of America, United Kingdom and Austria, a more cohesive picture can be drawn with regards to inter-generational homeownership inequalities. Specifically, by considering policies,economic determinants, and demographic variables in each of the selected countries, it becomes apparent how all these factors, interactively, can pose enabling or stagnating conditions for young individuals to enter homeownership, resulting in detectable fluctuations over time. While in the US and in the UK, Millennials do lag behind Boomers at comparable ages in terms of homeownership rates (and Austria on the other hand showing little change),the statement as such remains incomplete. Instead, through the study of these three countries, and by analysing their similarities and their differences, a much more nuanced and complex understanding for the topic unfolds, with both inter- and intra-generational complexities coming to the forefront and interesting adaptations and new models into homeownership emerging among Millennials.