Inflation

"The last time we saw what we call 'wolverine inflation' ... was when 75 million baby boomers replaced 44 million silent generation people in the 1970s," ...

According to rental listing site Apartment List, in 2020, 18% of millennials believed they would be paying rent forever, giving up on homeownership – nearly double the rate of 10.7% two years prior. They are now jumping headfirst into homeownership," Jessica Lautz, NAR's vice president of demographics and behavioral insights, said in the report. The next-largest group was Gen Xers at 22% with a median age of 49. Despite all this, millennials are still making up the largest chunk of the homebuyer market by generation. Smead explained that in the U.S. there are an estimated 92 million millennials, primarily in the 27 to 42-year-old age bracket. "Forty-four percent of millennial respondents said higher rates have caused them to delay purchasing a new home, compared with only 6% of baby boomers.