By ERIN FLYNN JAY Age matters when it comes to making important financial decisions, but when is someone too old or young to obtain a mortgage? Millennials make up 38% of the home-buying market, but Baby Boomers make up 31%, and Generation Z is starting to show interest in homeownership at 3% of buyers, according…
Young homebuyers tolerate high mortgage rates better than their older counterparts. Gen Z and Millennial respondents to a new survey say they will accept rates as high as 6.3% and 6.2%, respectively, in order to buy a home in 2024. Gen X and Baby Boomers, in comparison, won’t accept any rate above 6%. The survey,…
Older Americans are choosing to age in their current homes, driving average tenure up to more than a decade and keeping inventory tight for buyers. The typical homeowner spent 11.9 years in their current home, nearly double the 6.5-year average of two decades ago, according to a new report from Redfin. This isn’t the longest…
The generational real estate showdown is still underway, and the latest battleground is large homes. A new report from Redfin found that Baby Boomers with empty nests own 28% of the nation’s large homes, while Millennials with kids own just 14%. This a huge turnaround in the last ten years, as a decade ago, younger…
By ERIN FLYNN JAY American homebuyers are getting older and industry leaders are preparing to welcome more Hispanic homeowners in the coming decades. According to the 2023 Home Buyers and Sellers Generational Trends Report by the National Association of Realtors, members of Gen X between 43 and 57 years old made up 24% of recent…
Despite being the largest cohort of potential homebuyers in the country, Millennials are lagging behind other generations in purchases. That applies to Baby Boomers now – who are snatching up the few homes for sale thanks to home equity and greater savings – and Boomers when they were the same age as Millennials today. Just…
Mortgage applications reversed after a month of increases despite declining rates, a rocky start to the typically robust spring buying season. The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 4.1%. Adjusted purchase applications dropped by 4%, while the unadjusted index…
By KIMBERLEY HAAS Low-income and minority buyers will continue to be crowded out of the housing market in 2022, according to the director of research at the AEI Housing Center. The American Enterprise Institute is located in Washington, D.C., and during a webinar on Monday, Director of Research Tobias Peter said entry-level homebuyers are being…
Homeowners gained $9.1 trillion in housing value between November 2020 and November 2021, a new report from Redfin found. U.S. home prices rose 31.4% year-over-year (YOY) to $38.3 trillion in November, with a $2.6 trillion annual increase a year earlier. The surge in value was propelled by continuing home price appreciation. November was the 16th…
By KIMBERLEY HAAS As the number of homes purchased by people with different last names increases, it is being reported that Millennials are choosing to buy single-family houses with their friends. In an article written by Zinhle Essamuah for NBC News, three women talked about their decision to buy a house together. Amanda Scheider, 30,…
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