According to a recent report by Zillow, the intense demand for housing is being driven primarily by two generations: millennials and baby boomers. Statistics show that while millennials want to buy, the share of first-time buyers has dropped to 37 percent this year.
Meanwhile, those aged 60+ who are buying increased by 47 percent in the decade from 2009 to 2019.
As homeowners, baby boomers have a distinct advantage as home values have increased by 31.2 percent in the last 10 years. Many millennials are saddled with crippling student debt which makes saving for a downpayment very difficult, if not impossible.