Reply to Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles

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Reply to "Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles"

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[quote=Anonymous][quote=Anonymous]What are you talking about? Most millennials purchased first homes already. I'm 37 and am in the middle range for a millennial. I purchased my first home 10 years ago and my forever home about 4 years ago. The youngest millennials are nearing 30. Interest rates only rose 2 years ago. Gen Z could complain about interest rates though. It's hard to get a first house now.

Sure Boomers are sitting on a ton of cash, but so are their parents. Greatest generation and silent generation are still alive. Boomers are inheriting even more cash like crazy. They spend it as quick as they get it though on fancy cars, 10k+ cruises, 2nd homes, on and on. [/quote]
Yes, literally most millennials own homes (as of now). The economic changes from COVID including interest rates, loan pause, and financial help given to all generations helped overcome gaps. 
 
https://www.theguardian.com/us-news/2023/aug/17/millennial-home-ownership

Though, those factors are no longer in place.

[quote]But turbulent times may be ahead for millennials. Experts say that the window of improved affordability may have already closed.

“They bought houses and they are active in the market,” said Lautz of the NAR, “just not at the rate that we should be seeing for this age category.” Housing affordability has declined steadily in 2023, according to the NAR, as has inventory, from 1.9m homes in June 2019 to 1m today. And this year, boomers are once again the largest group of homebuyers, often competing with millennials looking to buy their first home.[/quote]

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