Homeownership increasingly out of reach for younger Floridians

The majority of Floridians become a homeowner by age 42, more than a decade older than when earlier generations achieved the milestone, according to a recent study.

Why it matters: For young people especially, homeownership is increasingly out of reach.

By the numbers: In 1980 more than half of Floridians became homeowners by age 30. In 2000, it was 34%, per a study by University of California, Berkeley.

What's happening: Median U.S. home values have nearly doubled in the last decade. Meanwhile, household incomes have only grown by roughly 17.7% during that same period.

Zoom out: Across the U.S., homebuyers are anywhere from two to 17 years older than in 1980. In Florida, they are 12 years older than in 1980.

• Homeownership is most delayed in California, where the majority of people don't own a home until 49, per the study.
• Iowa has the youngest buyers (29) and experienced the least change from 1980 (two years).
• Alaska is the only state where homeowners are getting younger. The majority of Alaskans owned a home by 35 in 2021, compared to 36 in 2000.

The intrigue: Homeownership is still widely cited as a pillar of the American dream.

• Yes, but: There's a growing share of renters who value being untethered to ownership.

Go deeper: "Nepo-homebuyers": 38% of young buyers use family money for down payments