May 7, 2025 - 11:24
Buying a first home is often seen as a rite of passage toward an adult life in America, but it's harder for young people now, recent data confirms. Surprisingly, a growing trend shows that baby boomers are purchasing homes at a higher rate than millennials. This shift raises questions about the changing dynamics of the housing market and the challenges faced by younger generations.
Millennials, who are now entering their prime home-buying years, are grappling with significant obstacles. Rising home prices, student loan debt, and stagnant wages have made it increasingly difficult for them to secure their first homes. In contrast, many baby boomers, often benefiting from accumulated wealth and equity, are now looking to downsize or invest in second properties, thus dominating the current housing market.
This phenomenon highlights a potential generational divide, as the dream of homeownership becomes increasingly elusive for younger buyers. As baby boomers continue to make their mark in the real estate sector, the implications for millennials and the broader economy remain to be seen.
