Surprising Data Reveals Boomer Parents' Impact on Housing Market, Squeezing Out Younger Generations

New data from the National Association of Realtors reveals that Baby Boomers are now buying more homes than Millennials, who have long dominated the housing market. The rise in interest rates and lack of inventory have made it difficult for Millennials to afford homes, while Boomers have accumulated wealth and equity in their existing homes, allowing them to pay cash for a significant portion of their purchases. As a result, Boomers are competing with their children and grandchildren for the limited number of homes available for sale. The shift in market share from Millennials to Boomers has been significant since late 2021, with Millennials' share dropping by 14 points and Boomers' share increasing by 9 points. This trend highlights the affordability challenges faced by Millennials and the strength of the cash-rich Boomer generation in the housing market.