While high mortgage rates have pushed many buyers and sellers out of the market, a new study from Morning Consult finds that affluent Millennials and Gen Z adults have driven the housing market. The study revealed that wealthy individuals from these generations made up approximately 66% of buyers between late May and late August, while Baby Boomers and Gen Xers, who are more likely to already own homes, are largely staying out of the market.

Claire Tassin, an analyst at Morning Consult and the author of the report, said that young adults with upward mobility and life changes, such as starting a new job or having a child in the past year, were more active in the housing market this summer. This group also fits the profile of social strivers, luxury goods consumers, and those willing to invest significantly in home renovations, appliances, and technology.

"There's also an indicator of a privileged lifestyle within this group: homebuyers are less likely than others to choose less expensive options, believe in equal treatment for all, or prefer doing things themselves," Tassin noted in the report. "The psychographic profile of recent homebuyers reveals a desire for outward signifiers of status."