Photo-Illustration by Realtor.com; Source: Getty Images (2)
It’s baby boomers versus millennials in the housing market’s own version of “The Hunger Games.” And in today’s cutthroat environment, where there is a severe shortage of homes for sale and cash reigns supreme, boomers are winning the war, hands down.
The percentage of millennial and first-time homebuyers plummeted as they were confronted by record-high home prices, raging competition, and an influx of all-cash offers. Meanwhile, boomers—the wealthiest generation—went on a buying spree. Many of them traded one home for another, using the proceeds from their sales to purchase their next pieces of real estate. Some were able to do so without a mortgage, which created another substantial advantage.
“Many millennials could be looking at their boomer parents with a little envy this year,” says Jessica Lautz, the National Association of Realtors vice president of research. Boomers “were able to purchase their dream homes when millennials weren’t even able to find a home to compromise on.”
The report is based on a survey of nearly 5,000 buyers who purchased a primary residence in the 12 months ending June 2022.