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Millennials are facing stiff competition from Boomers in the U.S. housing market. 

Apr 06 2023

Millennials are facing stiff competition from Boomers in the U.S. housing market. It has always been difficult for this gen to purchase a home, and as they start to enter their late thirties and early forties, they’re growing impatient to buy one. According to the National Association of Realtors, between July 2021 and June 2022, Boomers accounted for 39% of all homebuyers, up from 29% from the previous year. Meanwhile, Millennials’ share of the market dropped to 28%. Boomers’ advantage stems from the cash they have from home equity and overall stronger economic position while Millennials continue to struggle with an array of economic challenges, including inflation, student loan debt, and salaries that aren’t increasing. Homeownership is seen as the most popular form of wealth building for Americans, but Boomers continued dominance of the housing market is forging huge inequities between the generations. YPulse’s Finance / Spending Monitor report shows that saving to buy a house is among Millennials’ top five financial priorities right now. (Business Insider)