{"id":3025,"date":"2023-08-08T18:25:25","date_gmt":"2023-08-08T18:25:25","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/08\/08\/millennials-are-losing-the-home-buying-edge-to-baby-boomers\/"},"modified":"2023-08-08T18:25:25","modified_gmt":"2023-08-08T18:25:25","slug":"millennials-are-losing-the-home-buying-edge-to-baby-boomers","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/08\/08\/millennials-are-losing-the-home-buying-edge-to-baby-boomers\/","title":{"rendered":"Millennials Are Losing the Home-Buying Edge to Baby Boomers"},"content":{"rendered":"

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Getty Images<\/p>\n

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Millennial home buyers are losing their edge to score properties in a tough, expensive housing market.<\/p>\n

As seen in the chart below, which was presented during a National Association of Realtors\u2019 webinar<\/a>, millennials were leading home-buying for a big part of this decade, but recently started losing ground to baby boomers.<\/p>\n

Based on the NAR\u2019s data, 39% of home buyers are baby boomers, while only 28% were millennials.<\/p>\n

Millennials are considered to be those between the ages of 24 and 42, per the NAR.<\/p>\n

Baby boomers, those born in the years after WW II and aged roughly 57 to 76, have considerable equity in their current home that they can tap to produce all-cash offers, but millennials\u2014many of whom are first-time buyers<\/a>\u2014are finding it hard to beat the competition and buy homes.<\/p>\n

\u201cWe should see that millennials are the biggest generation of home buyers\u2026 [and] for eight years out of the last decade, they were the biggest generation,\u201d Jessica Lautz, deputy chief economist and vice president of research at the NAR, said during the presentation.<\/p>\n

\u201cIn the last year, unfortunately, they dropped off and we\u2019ve seen baby boomers have taken over \u2026 [W]e are seeing that [millennials are] being priced out of the market, losing those bidding wars with all-cash buyers,\u201d she explained.<\/p>\n

CoreLogic recently noted that almost\u00a0four in ten sales were all-cash transactions.<\/a><\/p>\n

\u201cHalf of older boomers are all-cash buyers,\u201d Lautz added. \u201cSo unfortunately we\u2019re just not seeing them as active in the housing market.\u201d<\/p>\n

The NAR also found that there was a \u201cdramatic shift\u201d in the median age of a typical repeat home buyer: In 1981, they were 36 years old, and today, that buyer is typically 59.<\/p>\n

Instead, the typical home buyer was buying their home at 36.<\/p>\n

The\u00a0price of an existing home in June was $410,200<\/a>.\u00a0Many home buyers, finding\u00a0limited home listings on the market presently<\/a>, are turning to new homes. But new homes are not much cheaper: The\u00a0price of a new build in June was $415,400<\/a>.<\/p>\n

The post Millennials Are Losing the Home-Buying Edge to Baby Boomers<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images Millennial home buyers are losing their edge to score properties in a tough, expensive housing market. As seen in the chart below, which was presented during a National Association of Realtors\u2019 webinar, millennials were leading home-buying for a big part of this decade, but recently started losing ground to baby boomers. Based on…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":3026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/3025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=3025"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/3025\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/3026"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=3025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=3025"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=3025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}