Simultaneously, the millennial generation, who were born between 19, are now America’s largest generational cohort and at a peak age for buying a first or second home.
Baby boomers-those born between 19, who total more than 70 million Americans-are increasingly choosing to age in place as they reach retirement. Some unique, pandemic-related economic factors have contributed to the current state of the market, but some of the largest structural factors driving the current market are generational. Intense competition and rising prices have made it especially difficult for young, first-time homebuyers to make a purchase.
The red-hot residential real estate market of the last two years has shown some recent signs of cooling off, but finding a home remains challenging for many buyers.
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