By Rogers Healy
There’s a new generation ruling the housing market and it’s no longer the baby boomers. Forbes reports that about half of home buyers are under the age of 36, and about half of sellers are under the age of 41. And, according to the National Association of REALTORS® 2021 Profiles of Home Buyers and Sellers, the median age of a first-time buyer today is 33.
You guessed it, millenials are moving in.
There has been a stigma that millennials are against home buying and ownership. However, that’s not how I’m seeing it play out.
Over the last 10 years, society was blaming millennials for a generation of entitlement. You may have heard of the $30,000 millionaires—you know, the ones who make their first paycheck and spend it on a luxury car lease. Well, the pandemic may have humbled this group. Being home and tied down to their surroundings showed individuals that they need to invest in their living spaces—and they want ownership in something bigger than a $1,700 per month studio apartment.
Millennials are turning a corner. But how are they suddenly able to afford to purchase a home? They’re heading back to their roots. Many millennials fled after college to the big cities—New York, L.A., Charlotte, Miami, etc.—but now they’re going home and settling down.
Which has led us to the BOOM.
Nearly 10,000 baby boomers are turning 65 years old every day. Which in turn means retirement, downsizing, moving to a condo in the Bahamas—whatever it may be. Millennials now have the opportunity to purchase these generational homes and ditch their leases, making them the ruler of the market in 2022 and beyond.
Rogers Healy is the founder and CEO of Rogers Healy and Associates Real Estate, which is one of the most successful independently owned real estate firms in the country. He is also the founder and CEO of Healy Global Relocation and Healy Property Management. Follow Rogers on Instagram, @rogershealyrealtor, and his personal account, @RogersHealy, and visit rogershealymedia.com.