HOUSING + HOMELESSNESS
Millennials outpacing Baby Boomers in home ownership
Apr 17, 2023, 11:09 AM
SALT LAKE CITY — Despite home sale prices and an unsteady market the majority of millennials in the United States are now homeowners.
In fact, Investopedia reports that over half of millennials in the U.S. own a home. Still, many are struggling to find a home they can afford.
“Home prices peaked in Salt Lake County last May at about $650,000, and now they’ve fallen to about $560,000 because of the higher interest rates disqualified a lot of buyers out there,” said Utah Realtors Association Communications Director Dave Anderton.
Boomers make up 53% of sellers, and 39% percent of buyers.
Anderton said baby boomers were in a better position to buy homes last year, tapping into their equity to trade their existing homes for homes in which they’ll retire.
“Baby Boomers are getting older so they might be downsizing and might want to live closer to their kids,” Anderton said. “So that might account for their surge in the past year … you know surpassing the millennials in the home buying market.”
Gen-Z is now the only renter-majority generation, at 74%.
- Rent increases are taking over Utah’s housing market
- Utah housing still unaffordable for many despite slowing market
- Proposal would give first-time Utah homebuyers $20,000
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