Generational Shifts: Baby Boomers Impact Housing Market, Millennials Drive Sky-High Prices
Originally Published 2 years ago — by The Washington Post
Older buyers, particularly baby boomers, are dominating America's hot housing market, with the median age for repeat buyers being 58. First-time buyers are struggling to enter the market, making up only 32% compared to an average of 38% since 1981. Older buyers have an advantage as they often have more cash from selling a previous home and are more likely to make attractive offers such as large down payments or all-cash purchases. With limited housing inventory, older buyers are competing with first-time buyers for smaller, low-maintenance homes, and often come out on top due to their financial stability.