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REAL ESTATE
Generational Jockeying Continues
Boomers elbow out millennials
Remember when baby boomers were going to fade off into the housing market sunset, to be replaced by a massive generation of millennials? Never mind.
According to the National Association of Realtors’ report, boomers (ages 60–78) made up 42% of all home buyers in the past year. Millennials (ages 26–44) dropped to 29% of all buyers — down notably from 38% a year ago. Generation X buyers (ages 45–59) held steady at 24%.
“In a plot twist, baby boomers have overtaken millennials — the largest U.S. population — to become the top generation of home buyers,” Jessica Lautz, NAR’s deputy chief economist and vice president of research, said in a statement. “What’s striking is that half of older boomers and two out of five younger boomers are purchasing homes entirely with cash, bypassing financing altogether.”
While older buyers were more likely to pay cash, younger generations were much more likely to rely on financing and family support. More than 90% of buyers 44 years and younger financed their home purchase. Twenty-seven percent of younger millennials (ages 26–34) and 13% of older millennials (ages 35–44) cited a gift from a relative or friend as one of the sources for their…
