Baby boomers continue to dominate the housing market in terms of the total amount of homes owned. Indeed, the total stands at $18 trillion, compared to just about $5 trillion for millennials as of the first quarter of 2023, according to a Redfin report released Friday. That’s despite the fact that millennials now “make up the biggest piece of the homebuying pie,” according to Redfin, having purchased about 60% of homes bought with mortgages during the past several years.
Baby boomers have the highest worth of U.S. homes, according to the Redfin report. Millennials, however, did surpass the Silent Generation—people born between the Great Depression and World War II who are now about 77-to-95 years old—in terms of home value. The value of homes owned by the Silent Generation fell 11.4% to $4.7 trillion in the first quarter of 2023, the Redfin report shows, while millennials rose 2.9% year-over-year.
