In an exclusive poll conducted by Redfield Wilton & Strategies on behalf of Newsweek,, it was revealed that a significant majority of Baby Boomers, the generation born between 1946 and 1964, share the belief that young people in the United States are encountering greater difficulties in purchasing homes compared to their own experiences.
This sentiment resonates across various age groups, with 69 percent of the surveyed Americans expressing the view that it is now harder for young individuals to acquire homes than it was for previous generations decades ago.
Breaking down the data, a staggering 73 percent of Boomers, alongside 70 percent of Gen Xers (born between 1965 and 1980), 68 percent of Millennials (born between 1981 and 1996), and 58 percent of Gen Zers (born between 1997 and 2012), share this perspective.
Conducted on February 18 and 19, the survey collected responses from 1,500 eligible voters across the United States, providing insight into the prevailing opinions regarding homeownership challenges.
The findings underscore a sense of empathy among Boomers towards the struggles faced by younger generations, many of whom are navigating the traditional home-buying age amid adverse economic conditions.
According to data from the National Association of Realtors (NAR), the age of a typical first-time homebuyer has risen to 36 in 2022 from 33 in 2021, a significant shift from the median age of 29 recorded in 1981.
The escalating cost of homes in the U.S. further compounds the challenges. Over the past few decades, median home values have surged, with the current median sale price standing at $402,523, up 5.2 percent year-on-year, according to Redfin.
Sara Coers, a real estate lecturer at Indiana University, attributes the housing market's complexities to a culmination of factors, including oversupply prior to the last recession and subsequent undersupply, significantly impacting household formation.
Despite these obstacles, Millennials, now the largest demographic group in the U.S., are actively entering the housing market, buoying demand and prices, even amidst high mortgage rates.
Looking ahead, experts project a substantial transfer of wealth from Boomers to Millennials, with the latter estimated to inherit over $68 trillion by 2030, potentially reshaping the economic landscape.
However, the survey indicates a disparity in expectations regarding inheritances, with 50 percent of respondents anticipating leaving an inheritance to their children, while 67 percent do not foresee receiving or have not yet received an inheritance from their parents.
As discussions surrounding homeownership challenges continue, the survey results shed light on generational perspectives and the evolving dynamics of wealth distribution in the United States.