Boomers' Retirement Plans Push Millennials Out of Housing Market

Baby boomers, who hold eight times the wealth of millennials, are pushing their children out of the housing market as they hit the road for retirement, according to a report by Bank of America. While millennials have reached the peak homebuying age, their parents' generation is keeping them from buying the starter homes they've long dreamed of. Boomers want to downsize for retirement, while millennials simply want starter homes—and only one group has the cash to win out. Boomers and millennials are also moving to different places, with millennials moving to cities like Austin, Cleveland, Dallas, and Tampa, while boomers are headed to Las Vegas, Phoenix, Orlando, and Tampa.