By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Finance > Millennials are losing the home-buying edge to baby boomers
Finance

Millennials are losing the home-buying edge to baby boomers

News Room
Last updated: 2023/08/05 at 10:45 AM
By News Room
Share
3 Min Read
SHARE

Millennial home buyers are losing their edge to score properties in a tough, expensive housing market.

As seen in the chart below, which was presented during a National Association of Realtors’ webinar, millennials were leading home-buying for a big part of this decade, but recently started losing ground to baby boomers.

Based on the NAR’s data, 39% of home buyers are baby boomers, while only 28% were millennials.

Millennials are considered to be those between the ages of 24 and 42, per the NAR.

Baby boomers, those born in the years after WW II and aged roughly 57 to 76, have considerable equity in their current home that they can tap to produce all-cash offers, but millennials — many of whom are first-time buyers — are finding it hard to beat the competition and buy homes.

“We should see that millennials are the biggest generation of home buyers… [and] for eight years out of the last decade, they were the biggest generation,” Jessica Lautz, deputy chief economist and vice president of research at the NAR, said during the presentation.

“In the last year, unfortunately, they dropped off and we’ve seen baby boomers have taken over… [W]e are seeing that [millennials are] being priced out of the market, losing those bidding wars with all-cash buyers,” she explained.

CoreLogic recently noted that almost four in ten sales were all-cash transactions.

“Half of older boomers are all-cash buyers,” Lautz added. “So unfortunately we’re just not seeing them as active in the housing market.” 

The NAR also found that there was a “dramatic shift” in the median age of a typical repeat home buyer: In 1981, they were 36 years old, and today, that buyer is typically 59.

Instead, the typical home buyer was buying their home at 36.

The price of an existing home in June was $410,200. Many home buyers, finding limited home listings on the market presently, are turning to new homes. But new homes are not much cheaper: The price of a new build in June was $415,400.

Read the full article here

News Room August 5, 2023 August 5, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
US Treasury Secretary Bessent talks tariffs, China, global finance

Watch full video on YouTube

CNBC tests the viral Dubai chocolate bars

Watch full video on YouTube

Valve conquered PC gaming. What comes next?

Here at FT Alphaville we love exploring “black hole” companies: those ultra-private…

BCG modelled plan to ‘relocate’ Palestinians from Gaza

Boston Consulting Group modelled the costs of “relocating” Palestinians from Gaza and…

US threatens EU with 17% tariff on food exports

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

- Advertisement -
Ad imageAd image

You Might Also Like

Finance

4 Ways To Avoid Fake Shipping Fee Swindles

By News Room
Finance

Dell Supports Endeavor Miami’s Quest To Empower Black Founders

By News Room
Finance

The World’s 10 Most Expensive Cities To Live

By News Room
Finance

Biden Sends Student Loan Forgiveness Emails To 800,000 Borrowers

By News Room
Finance

New Student Loan Forgiveness Application For Those With Medical Issues

By News Room
Finance

Who Really Owns Nursing Homes, And How The Feds Are About To Learn More

By News Room
Finance

Gone Are America’s Cushiest Federal Prisons

By News Room
Finance

Can You Still Get Insurance After A Cancer Diagnosis?

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?