Nearly Half of U.S. Real Estate Wealth Is Held by Boomers
The United States real estate market is experiencing a generational movement. Individuals born between 1946 and 1964 hold nearly half of the nation’s property wealth. As younger adults search for first homes or dream of moving up, a large portion of the housing pie is already claimed. But what does that mean for the rest of us?
The Ownership Balance Is Skewed
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The numbers don’t lie. The generation referred to as Baby Boomers now controls approximately 41 percent of all U.S. real estate assets. Estimates place their holdings at roughly $18 to $19 trillion in housing alone. By contrast, younger generations are trailing: Millennials hold approximately $9.8 trillion in real estate, or just about 20 percent of the total. The imbalance becomes glaring when you realize that Boomers represent about 20 percent of the population, yet own the largest share of the housing wealth.
Home prices were lower when many Boomers bought, interest rates were different, and housing supply in many regions allowed ownership to build long-term wealth. Plus, decades of value growth and fewer moves provided them a formula for dominance. In metros such as North Port–Bradenton and Naples–Marco Island, Florida, Boomers hold tens of billions of dollars in property.
What It Means for Younger Buyers
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If you’re trying to buy now, the market looks fundamentally different from the way it did for Boomers in their 30s or 40s. Prices have soared, down payments and rates matter more, and so much of the housing stock is held by older owners who aren’t necessarily selling. That means fewer listings, less mobility, and stiffer competition.
Where This Wealth Lives, and Might Go
Most of this generational housing capital sits in retirement-friendly, higher-value markets. Florida leads the list with five of the top ten metros where homeowners aged 65 years and above hold the most real estate value. As Boomers age, you’d think a wave of homes would hit the market. Yet many are opting to stay put and keep their equity in place. This raises questions about how and when the next generation will access that wealth.
The Future Isn’t Just Waiting on an Inheritance
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There’s a narrative circulating that younger generations will simply benefit when Boomers sell or pass down houses. But reality is more complicated. Fewer Boomers plan to leave homes to heirs than you might think, and they are really focused on enjoying their money. And for those who do inherit these homes, property taxes, maintenance, and market timing can turn a gift into a burden. At the same time, the fact that Boomers own such a big slice of the market affects supply now and not just later.