Recent trends show that baby boomers have surpassed millennials as the largest group of home buyers in the U.S. Many boomers are purchasing homes with cash, while younger buyers frequently rely on financing. Younger millennials often receive financial support for down payments, highlighting generational differences in homebuying approaches. Additionally, multigenerational purchases have increased as Gen X leads this trend. While older generations leverage equity for larger homes, younger buyers face challenges in affordability, impacting their likelihood of becoming first-time homeowners.
Half of older boomers and two out of five younger boomers are purchasing homes entirely with cash, bypassing financing entirely, unlike over 90% of buyers under age 44.
Younger millennials are the most common first-time buyers, with 71% making their first purchase, while older millennials tend to opt for repeat purchases of larger homes.
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