09/26/2024
Boomers owned 38% of U.S. homes in 2022, per Freddie Mac. Of these, 54% say they never plan to sell the house they live in, according to Clever Real Estate.
Half of boomer homeowners bought their first home for $75,000 or less, and nearly two-thirds paid under $100,000. Only 6% said affordability was their biggest challenge. These figures suggest that boomers faced fewer obstacles compared to today's first-time buyers who contend with high home prices, elevated mortgage rates, and limited supply.
Despite these challenges, 42% of boomers believe younger generations have it easier buying homes today. However, in the late 1970s and early ’80s, boomers experienced high home prices and mortgage rates, which created tough conditions. Yet, conditions improved within a few years, and supply wasn't a major issue. It's uncertain if today's first-time buyers will see a similar turnaround.
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