Boomers Are Back
The Boomers are back! For the first time since 2013, Millennials are not the generation buying the most homes. According to the latest data from the National Association of Realtors, 39% of homebuyers were aged 58 to 76. Millennials slid to second place, coming in at 28% of buyers. Gen Xers were next at 24%. The switch of Boomers and Millennials is likely because of the tough housing market for buyers over the past few years. Between rising prices at first then higher interest rates, it’s been hard for those trying to buy their first home. But rising home equity has been great for the Baby Boomers allowing them to buy second homes or move closer to their kids and grandkids. I know the Millennials will be back on top at some point, the question is when.
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