Today’s younger homebuyers face a variety of challenges, from high home prices to elevated interest rates. However, 57% of baby boomers surveyed in a new study by Clever Real Estate believe they could achieve their homeowner dreams, they just need to put in more effort. The majority of baby boomers — those born between 1946 and 1964 — believe younger generations simply aren’t doing everything they can to afford a home.
However, the factors dividing these generations span more than work ethic alone. Are boomers’ beliefs rooted in reality, or do they not understand the struggles younger generations face? While it’s tempting to point fingers, adults of all ages may be contributing to today’s homeownership woes in different ways. Related Story: Boomers Blame Irresponsible Spending In the Clever study, baby boomers cited several reasons they believe younger generations can’t afford homes, but most blame irresponsible spending.
About 71% said young adults spend more on frivolous things like travel and luxury items rather than saving for a down payment. “This perspective often overlooks factors like the significant rise in home prices, increasing student debt, and stagnating wages, which make saving for a home more challenging today than in the past,” explains Alexis Orivri, a real estate expert and founder of Riv Buys Properties in Washington. In fact, a 2023 Bank of America report found baby boomers’ spending grew 2% over the previous year, with much of it go.
