Pity the older millennials: They've had a rough ride in the housing market, just like they have with most economic trends since they reached adulthood over the past 20 years. Consider: two recessions before they turned 40 years old, each on a scale rivaling the Great Depression, with the former (2008) including a massive housing bust that disrupted their lifetime earning potential and the latter (2020) unleashing the remote-work era, spurring a nationwide housing frenzy that saw prices increase more than 40%. Oh, and they are also the generation saddled with the most student loan debt. It’s not just your imagination, the Bank of America Institute wrote in a recent Housing Morsel report: Older millennials really are getting disproportionately screwed.
In the research note released on Monday titled “An uneven housing market: older millennials feeling the hit,” BofA said that younger millennials are escaping the worst of the pain.
