Would you believe that the graying generation the heart of whom spent their teens watching Rowan & Martin's Laugh-In and swaying to Bee Gees' hits as the Nixon, Ford and Carter Administrations cycled by are now buying far more homes than the Millennial crew that's long ruled the realm? That's the finding from the "Home Buyers Generational Trends" report just issued by the National Association of Realtors, based on research conducted by deputy chief economist Dr. Jessica Lautz. "The Millennials are facing severe affordability problems due to the rise in rates and lack of inventory," Lautz told Fortune. "The Boomers have the edge because they've accumulated lots of wealth, and hold plentiful equity on their existing homes for buying another."
Those strengths, she adds, empower the Boomers to pay cash for a high proportion of their purchases. Hence, it's as if America's parents poised to write the big check, no financing needed, are vying with their kids—or maybe grandkids—desperately seeking an abode in the 'burbs to raise their families, for the relatively few homes for sale.
