Gen Z is turning to the stock market instead of buying homes

JPMorgan Chase Institute data shows transfers into investment accounts by 25–39‑year‑olds more than tripled to 14.4% between 2013 and 2023, and transfers by 26‑year‑olds since age 22 rose from 8% in 2015 to 40% by May 2025.

Many younger adults are choosing to move money into investment accounts rather than focus on saving for home purchases. New data from the JPMorgan Chase Institute finds rising year‑round transfers into brokerage and other investment accounts among people aged 25 to 39. Analysts cited market performance and easier access to trading tools as factors, while high home prices, mortgage rates and changes to student loan rules are affecting the calculus for many would‑be buyers. What the data shows: - The share of people aged 25–39 making at least yearly transfers into investment accounts rose to 14.4% in 2023, more than tripling since 2013, according to the JPMorgan Chase Institute. - The proportion of 26‑year‑olds who moved money into investment accounts since age 22 increased from 8% in 2015 to 40% in May 2025; these figures exclude transfers limited to 401(k) retirement plans. - JPMorgan’s research director, George Eckerd, said the figures indicate stronger retail investing among people who might otherwise be first‑time home buyers, and noted the role of recent market gains and digital trading tools. - Individual examples reported by the Wall Street Journal include a 33‑year‑old who put $10,000 into index funds about six years ago and reported a roughly 66% gain, and a 23‑year‑old who has accumulated about $30,000 by investing in a fund that excludes fossil fuel companies. - Contextual factors noted in the reporting include median U.S. home prices in 2025 estimated between $410,000 and $426,000, a median U.S. salary around $62,088 in 2025, and a 30‑year fixed mortgage rate near 6.6% during the summer period cited; changes to student loan repayment policy were also mentioned as a possible influence on younger adults’ housing decisions. Summary: The data indicates many younger adults are prioritizing investments over saving for home down payments, citing market performance, digital access to trading, and pressures from housing costs and debt policy. Undetermined at this time.