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Baby Boomers Pass Millennials As Largest Generation of Homebuyers, Per Report
Baby boomers are now the largest generation of home buyers, according to a new study from the National Association of Realtors.
The 2023 Home Buyers and Sellers Generational Trends report out today found that baby boomers rose to 39% of the homebuyer pool in 2022, up from 29% in 2021. Millennials, the top group of buyers since 2014, saw their share drop from 43% in 2021 to 28% last year. In addition to home buying, baby boomers represented that largest pool of home sellers, jumping from 42% in 2021 to 52% in 2022.
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“Baby boomers have the upper hand in the homebuying market,” said Dr. Jessica Lautz, NAR deputy chief economist and vice president of research. “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. They are living healthier and longer and making housing trades later in life.”
The percentage of first-time buyers dropped notably last year, perhaps due to the spike in interest rates. Twenty-six percent of all buyers were first-timers, the lowest since NAR began tracking the data and a drop from 34% in 2021.
Among all generations, sellers typically remained in their home for 10 years before selling, up from nine years in 2021. On average, younger millennials stayed in their homes for four years, while older boomers sold their homes after 16 years.
This article originally published at https://dc.urbanturf.com/articles/blog/baby_boomers_pass_millennials_as_largest_generation_of_homebuyers_per_repor/20833.
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