The millennial generation, defined as individuals born between 1981 and 1996, face a different set of life challenges than their peers in the baby boom or GenX demographic groups.

They experienced both the Great Recession and the COVID-19 pandemic before the oldest members of the cohort hit their 40th birthdays. And the generation still copes with the changing job market and skyrocketing real estate costs, which have prevented many 30-something individuals from attaining what their parents’ and grandparents’ generations described as the American dream of owning a home.

Glenn Kelman, CEO of the nationwide residential real estate brokerage Redfin, said that millennials may become known as “the roommate generation” because so many are either renting or living with their parents because of the high costs of housing.