5 Ways Baby Boomers Are Dominating the Housing Market
With more equity and higher savings, Baby Boomers make up the biggest share of sellers and buyers in the US housing market
July 5, 2024
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Baby Boomers make up the majority of buyers and sellers in the market right now.
Owning the highest share of homes in the U.S., Baby Boomers have a major impact on the housing market. Citing information from the National Association of Realtors, GoBankingRates reports Baby Boomers accounted for 53% of sellers and 39% of buyers between July 2021 and June 2022. Comparatively, Millennials only accounted for 28% of buyers and 18% of sellers during the same period. With that in mind, there are several ways Baby Boomers are controlling the housing market, ranging from their larger savings accounts to their stronger need to upsize or downsize.
“Baby boomers have the upper hand in the homebuying market,” said Jessica Lautz, deputy chief economist and vice president of research for NAR. “The majority of them are repeat buyers who have housing equity to propel them into their dream home, be it a place to enjoy retirement or a home near friends and family. They are living healthier and longer lives and making housing trades later in life.”
