The shifting dynamics of the housing market: Millennials vs. baby boomers
Millennials are losing their position as the leading home buyers to baby boomers in the tough and expensive housing market. According to data from the National Association of Realtors, baby boomers now make up 39% of home buyers, while millennials account for only 28%. Baby boomers, who have considerable equity in their current homes, are able to make all-cash offers, putting millennials, many of whom are first-time buyers, at a disadvantage. Limited home listings and high prices are pushing buyers towards new homes, but even those come with a hefty price tag.