Baby boomers faced the toughest housing market ever for first-time buyers in 1980 when mortgage rates spiked above 16%, and the average monthly home loan payment jumped 34% year over year.
Millennials have the lowest mortgage burdens, with the typical mortgage payment averaging only 22.5% of their median income, compared to 25.8% for Generation X and 22.6% for the Silent Generation.
Reliable mortgage data only dates back to the early 1970s, covering a portion of the first-time homebuyer experience for the Silent Generation, and the youngest millennials don't turn 30 until 2026.
There have been times for each generation when debt-to-income ratios have risen above 30%, highlighting fluctuations in mortgage affordability across different periods.
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