“The last time we saw what we call ‘wolverine inflation’ … was when 75 million baby boomers replaced 44 million silent generation people in the 1970s,” Smead said.
Even many of those with ample funds are still holding back. As recently as June, the CNBC Millionaire Survey found that millennials are
Pressure on the housing market due to the pandemic-induced shortage of inventory and high competition is also keeping many potential buyers in the late 20s to early 40s age group away.Despite all this, millennials are still making up the largest chunk of the homebuyer market by generation. They're also the largest generation in the U.S. by population.
"Eighty-one percent of Younger Millennials and 48 percent of Older Millennials were first-time home buyers, more than other age groups," NAR wrote.
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