Homeownership has traditionally been a major part of the American dream, but first-time buyers, particularly Millennials, are struggling in the current market. This is largely due to the growing trend of Baby Boomers—who are the largest group of homeowners—choosing to stay in their homes rather than downsizing or moving. According to Construction Coverage, the share of homes owned by Americans over 55 has risen significantly over the past 15 years, from 44.3% in 2008 to 54% in 2023. In contrast, homeownership among those aged 35 to 54 has dropped from 42.3% in 2008 to 34% in 2023.
Although Boomers make up just over 20% of the U.S. population, they own more than 37% of homes, and their influence is particularly strong in New England and coastal states. Hawaii leads with 42.9% of homes owned by Baby Boomers, followed by Delaware, Florida, New Hampshire, Maine, and Vermont. In these states, Boomers make up 41.7%, 41.4%, 40.7%, 40.4%, and 39.9% of homeowners, respectively.
By contrast, Central and Mountain states have significantly lower concentrations of baby boomer homeowners. Utah, with its notably young population, reports just 29.8% of homeowners falling into this age group, the lowest in the nation. Texas, a magnet for younger demographics in recent years, also shows a relatively small share of baby boomer homeowners at 33.6%. Other states with low baby boomer representation include Colorado, North Dakota, and Indiana, all at just below 35%. Read more
