Baby boomers are now the busiest buyers in the housing market. As a generation, they make up 42% of all home buyers, and many of them are paying cash, according to a new report from the National Association of Realtors (NAR).
The report is based on answers to a July 2024 survey of 168,0000 recent home buyers with a 3.2% response rate. Respondents were classified by age.
Baby boomers included an older group aged 70-78 and a younger category aged 60-69. Combined, they were the largest category of home buyers. Half of the older group and 40% of the younger ones pay entirely with cash. That may be because Boomers and the even older Silent Generation also dominated the ranks of home sellers, representing 53% of this group. If they used the equity from these sales, it could explain their ability to buy with cash.
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