Baby boomers edged out millennial home buyers, according to a new report, thanks to high mortgage rates and home prices.
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. Childcare expenses was the biggest factor holding back buyers. Some 36% of all buyers said that this was the biggest obstacle. That was followed by healthcare costs and credit-card debt.
— 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.
The average home cost in 1970 was $23,400. Av income was $9,870. A home cost 2.4x income. In 2022, a home cost 6.5x average income. Nixon’s removal from the gold standard in 71’ set us on a fiat disaster. Our money and labor has been devalued.
Trends in real estate nothing new. The WWII generation after the war did the same thing. Boomers now. Gen Z gonna roll.
Took us over 40 years to move up from our small 'entry level' home...our daughter and son-in-Law, who who are in their 40's, just bought a small home...just keeps getting harder💖💔💖
Disconnect between ge nerations instead of inheritances. Kids leave home too soon barely make a living. Working class hard pressed to pass on assets home insurance settlement