B
enzinga and Yahoo Finance LLC may earn commission or revenue through links below. Many baby boomers are staying in their homes due to financial constraints, contributing to a tighter housing market for younger generations, according to Meredith Whitney of Meredith Whitney Advisory Group. In an interview with Bloomberg TV, Whitney explained that cash-strapped boomers are aging in place, limiting housing supply and hindering millennial homeownership.
Boomers have become the largest home buying demographic in the U.S., accounting for 42% of all purchases in 2024, while millennials have dropped to 29%, according to the National Association of Realtors. However, this doesn't mean most boomers are wealthy. Whitney said that many seniors are borrowing against their homes just to get by, with 44% of home equity loans taken out by people aged 62 and older.
A study by the International Council on Active Aging supports Whitney's assertion that only about one in 10 seniors can afford assisted living, forcing others to stay put. This trend is exacerbating a housing market where millennials are priced out and inventory-starved due to rising interest rates, high home prices, and stiff competition from cash buyers. As a result, more millennials are turning to long-term renting or multigenerational living.
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