Millennial Home Ownership at Historic Low

Fewer millennials are buying homes than in the past six years, according to new data released by the U.S. Census Bureau on Thursday.

Just 34.1 percent of Americans under the age of 35 owned their home, a decline of 0.7 percent from the second quarter of 2015. Millennial home ownership has fallen 4.9 percent since the same period in 2010.

The fall underscores a trend affecting all age groups. The data released today showed that home ownership has touched a 51-year low.

The decline is due in large part to the increase in rental properties, Ralph McLaughlin, chief economist at the real estate website Trulia, told The Associated Press.

Total home ownership peaked at the end of 2004, when 69.2 percent of Americans owned their homes, according to the AP.