The Blubber

Baby boomers own a massive $75 trillion in wealth spread out across stocks, homes, and businesses, per BI.

Meanwhile, Millennials used to make up the largest chunk of homebuyers, but in 2023, Baby Boomers overtook them, resulting in 39% of homebuyers this year. Gen Z buyers also saw an increase, reaching 4%.

In 2022, baby boomers only made up 29% of home buyers, but this year, this age group saw an increase of 10%. 30% of Gen Z individuals moved directly from living with family members to owning a home.

It was also found that when relocating, younger boomers aged 58 to 67 didn't mind moving greater distances. It was found that they were okay with moving the greatest distances, with the median being 90 miles away.

In 2021, older and younger millennials made up the largest chunk of homebuyers, with a 43% market share. In 2022, millennials only made up 28% of homebuyers.

NAR deputy chief economist and vice president of research, Dr. Jessica Lautz, gave a statement regarding how baby boomers bought the most homes and the state of the housing market.

Lautz: "The majority of them are repeat buyers who have housing equity to propel them into their dream home – be it a place to enjoy retirement or a home near friends and family."

Despite baby boomers making up the largest share of homebuyers, it was also reported that in January, US home sales were down 36.9% year-over-year, resulting in the 12th consistent monthly decline. This was also a new all-time low in over 12 years.