Baby boomers (aged 60 to 78) are back as the largest generational group of American home buyers, replacing millennials (aged 26 to 44).
The baby boomer generation is responsible for 42 percent of all home buyers, while millennials fell to just 29 percent—a drop of almost 10 percent from last year, according to a new report by the National Association of Realtors’ (NAR).
Generation X buyers (aged 45 to 59) account for almost 25 percent of home sales.
“What’s striking is that half of older boomers and 2 out of 5 younger boomers are purchasing homes entirely with cash, bypassing financing altogether,” Jessica Lautz, NAR deputy chief economist and vice president of research, said in a statement sent to The Epoch Times….