Rising home costs push Gen Z and Millennials toward record $3.1 trillion in stock wealth

Home prices have surged 235% since the start of the millennium, pushing the median age of first-time buyers from 28 in 1992 to 40 in 2025, and leaving many Gen Z and Millennials unable to purchase. Consequently, under-40 Americans now hold a record $3.09 trillion in stocks, up 4.5 times since the pandemic, with equities comprising 27% of their net worth—the highest share on record. Studies reveal that 31% of Gen Z have postponed buying a home due to financial pressure, and 34% fear they may never afford one.

Younger investors are entering the market at ages as low as 19 and are using brokerage accounts as de-facto down-payment funds, with one in five recent homebuyers selling stocks for that purpose. While stocks offer liquidity and diversification, experts warn that some youths gravitate toward riskier assets like meme stocks or leveraged positions, especially under social-media influence. The trend reflects broader shifts in wealth building as housing becomes less attainable for the next generation.