For many Gen Z and millennial homeowners, buying a home wasn’t the finish line. It was just the beginning of a financial balancing act. A recent survey found that nearly two-thirds of them are counting on refinancing in the future to stay financially secure. That’s double the rate of baby boomers, most of whom locked in low rates before 2022.

The contrast highlights a growing generational divide in today’s housing market. Younger buyers are dealing with high prices, elevated interest rates, and more uncertainty about what comes next. Older homeowners, on the other hand, are often sitting on fixed-rate mortgages or fully paid-off homes. Many have little reason to move, and over 40 percent say they don’t plan to sell at all.

The numbers tell the story. A $400,000 loan at today’s 6.35 percent rate means a monthly payment of just over $2,100. If that rate dropped to 4.35 percent, the monthly payment would fall by more than $500. That kind of savings could make a huge difference for households already stretched by rising costs for groceries, childcare, and student loans.

The emotional strain is just as real. About one in three younger homeowners said the buying process caused major stress. Many also felt financially insecure after closing or weren’t confident in their mortgage terms. That’s a big contrast to older generations, who often entered the market under very different conditions.

Since 2020, home prices across the country have climbed more than 30 percent. The cost of entry-level homes has nearly tripled over the past decade. For younger buyers, that often means purchasing later in life, choosing smaller homes, and hoping that refinancing will eventually lower their monthly costs.

Whether or not that hope becomes reality remains to be seen. But one thing is clear: younger homeowners are playing a much different game than those who came before them.