{"id":44852,"date":"2023-08-05T12:19:17","date_gmt":"2023-08-05T16:19:17","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/millennials-are-losing-the-home-buying-edge-to-baby-boomers\/"},"modified":"2023-08-05T12:19:19","modified_gmt":"2023-08-05T16:19:19","slug":"millennials-are-losing-the-home-buying-edge-to-baby-boomers","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44852","title":{"rendered":"Millennials are losing the home-buying edge to baby boomers"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002367149\" role=\"document\">\n<p>Millennial home buyers are losing their edge to score properties in a tough, expensive housing market.<\/p>\n<p>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.<\/p>\n<div class=\"paywall\">\n<p>Based on the NAR\u2019s data, 39% of home buyers are baby boomers, while only 28% were millennials. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Millennials are considered to be those between the ages of 24 and 42, per the NAR.<\/p>\n<p>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 \u2014 many of whom are first-time buyers \u2014 are finding it hard to beat the competition and buy homes.<\/p>\n<p>\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<p>\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<p>CoreLogic recently noted that almost four in ten sales were all-cash transactions.<\/p>\n<p>\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\u00a0<\/p>\n<p>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<p>Instead, the typical home buyer was buying their home at 36.<\/p>\n<p>The price of an existing home in June was $410,200. Many home buyers, finding limited home listings on the market presently, are turning to new homes. But new homes are not much cheaper: The price of a new build in June was $415,400.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/millennials-are-losing-the-home-buying-edge-to-baby-boomers-e82cc5d8?mod=personal-finance\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 the NAR\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":44853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-44852","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Millennials are losing the home-buying edge to baby boomers | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Millennial home buyers are losing their edge to score properties in a tough, expensive housing market. 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