HOUSING + HOMELESSNESS

Millennials outpacing Baby Boomers in home ownership

Apr 17, 2023, 11:09 AM

salt lake homes flying...

Millennials are outpacing Baby Boomers in home owenership. (Photo: Canva)

(Photo: Canva)

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%.

Related reading:

 

 

 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Housing + Homelessness

governor cox and several other people speak about his plan to address homelessness in utah...

Aimee Cobabe and Hugo Rikard-Bell

Gov. Cox releases budget plan to improve homelessness resources in Utah

Gov. Spencer Cox's office said Utah has gaps in how it addresses homelessness. His plans will attempt to close those gaps.

17 hours ago

a woman covers her face...

Associated Press

Study says the US is ill-prepared to ensure housing for the growing number of older people

The 58-year-old lost his job as a machine operator, then his home, and he was living in his truck when he was diagnosed with stage 2 lung cancer.

5 days ago

several people sit at a table to eat a meal...

SHELBY LOFTON KSLTV.com

Utah shelters prepare to take in more people under Code Blue protocol

Under a new law, resource centers and other spaces are required to expand their capacity up to 35% if the temperature will fall to 15 degrees or below.

8 days ago

Inflation has frustrated home buyers, with many feeling like they'll never buy a house. But spendin...

Britt Johnson

Spending is trending but it’s making home buying even harder

Inflation has frustrated home buyers, with many feeling like they'll never buy a house. But spending is part of what has driven it so high.

15 days ago

Coachman's Dinner and Pancake House at 1301 South and State Street in Salt Lake City, Utah Dec. 11,...

Britt Johnson

Condo development on site of Coachman’s restaurant fails

A blow for Salt Lake City's Liberty Wells Neighborhood, a new condo complex on the site of Coachman's restaurant will not be moving forward.

18 days ago

Gov. Spencer Cox, Salt Lake County Mayor Jenny Wilson, Clark Ivory, with the Utah Impact Partnershi...

Emma Keddington

Progress is being made to keep unsheltered people safe this winter

Governor Cox and Salt Lake community leaders reaffirmed their efforts to get unsheltered people into warm beds this winter.

25 days ago

Sponsored Articles

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

Human hand holding a protest banner stop vaping message over a crowded street background....

Prosperous Utah Communities

Utah’s Battle to Protect Youth from Vaping Epidemic Faces New Threat as Proposed Rule Threatens Progress

Utah's strict standards of nicotine levels in vaping products are at risk, increasing health hazards associated with use. Read more about how you can advocate for a better future for Utah's youth.

Aerial photo of Bear Lake shoreline with canopies and people camped out on the beach...

Visit Bear Lake

Last-Minute Summer Vacation Planning? Check Out Bear Lake!

Bear Lake is the perfect getaway if you are last-minute summer vacation planning. Enjoy activities with your whole family at this iconic lake.

Millennials outpacing Baby Boomers in home ownership