The economy just handed boomers another win—the U.S. housing market nearly doubled in a decade to a record $23 trillion

Baby boomers’ total housing equity is still triple that of millennials (Credit: Getty Images)

The ballooning value of property in America is exacerbating the gap between the haves and have-nots. As Fannie Mae CEO Priscilla Almodovar said late last year, U.S. housing is facing a major dichotomy. 

“It’s a tale of two markets,” she told MarketWatch in an interview at the Mortgage Bankers Association’s annual conference. “Homeowners are in good shape because they probably have a lot of equity in their homes.” Meanwhile, those who aren’t yet owners are clamoring to break into an exceedingly expensive housing market with mortgage rates not seen in decades and home prices on the rise.