Boomers 'holding the cards' in a housing market saddled with affordability challenges
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Baby boomers are dominating the US housing market, making up 42% of homebuyers and 55% of sellers, according to a National Association of Realtors report. The market is characterized by affordability challenges and low inventory, with boomers having an advantage due to their accumulated housing equity.
A new report from the National Association of Realtors shows baby boomers are the largest share of both homebuyers and sellers in the US housing market. Boomers accounted for 42% of homebuyers and 55% of sellers, marking the second consecutive year they have dominated the market. The housing market is sharply divided between those with equity and those without, with boomers having an advantage due to their accumulated housing wealth. Many boomers are paying cash for home purchases or making large down payments to mitigate high mortgage rates. The typical age of a first-time buyer has hit a record high of 40, while repeat buyers are typically 62 years old. The median existing-home sales price reached a record $408,800 in March, with homeowners having accumulated nearly $130,000 in housing wealth over the past six years.
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