Baby boomers edged out millennial home buyers, according to a new report, thanks to high mortgage rates and home prices.
According to an annual report by the National Association of Realtors, baby boomers make up 39% of home buyers, up from 29% last year. At the other end of the spectrum, Generation Z only makes up 4% of buyers.
Millennials, aged 24 to 42 had been the biggest group of buyers since 2014 nationally, the NAR said, but their share has fallen to 28% last year from 43% in 2021.
“‘Their desire for homeownership is strong, and many are relying on family support systems to help make their first real-estate purchase.’”
— Jessica Lautz, deputy chief economist and vice president of research at the NAR
Generation Z, the youngest of the lot aged 18 to 23, have caught up in the past year. Their share of home buying rose to 4% in 2022 from 2% in 2021.
“As the youngest generation of home buyers and sellers, it’s encouraging to see Gen Z entering the market,” Lautz said. “Their desire for homeownership is strong, and many are relying on family support systems to help make their first real-estate purchase.”
The NAR also broke out homebuyers by gender and marital status. Some 61% of recent buyers were married couples, the NAR said, while 17% were single females, 9% were single males, and 10% were unmarried couples.
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