If you need assistance, please call 480-365-8346

Baby boomers overtake millennials as prime homebuying generation as first-time buyers get sidelined

Wednesday, April 5, 2023   /   by Juan Grimaldo

Baby boomers overtake millennials as prime homebuying generation as first-time buyers get sidelined


Millennials are no longer the top generation buying homes, as a rapid increase in mortgage rates and other factors have sidelined a lot of first-time buyers since last spring and summer.

The National Association of Realtors this week released its latest demographic report, finding baby boomers, ages 58 to 76, last year made up 39% of homebuyers, an increase from 29% in 2021. Millennials, who are now 24 to 42 years old, had been the dominant homebuying generation prior to 2022 but last year made up 28% of homebuyers, quite a decline from the 43% observed in 2021.

Since the NAR's 2014 report, millennials had been the top homebuying generation.

Jessica Lautz, deputy chief economist and vice president of research at the NAR, said the shift is likely owed to two major trends. First-time homebuying on the whole is down, and most millennials in the housing market are first-time buyers, she said, while boomers looking to buy their dream homes have equity built up from previous homeownership to be able to do so.

To continue reading, click here

By Ashley Fahey - Editor, The National Observer: Real Estate Edition


The Grimaldo Group
Juan Grimaldo
2403 N Pebble Creek Pkwy #101
Goodyear, AZ 85395

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Juan Grimaldo - Keller Williams Realty Professional Partners - The Grimaldo Group (WINBACK) are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. May 30, 2024
This site powered by CINC: www.cincpro.com