Construction Coverage has just released a new report about the U.S. locations with the most baby boomer-dominant housing markets.
First-time home buyers, especially millennials and Gen Xers, are facing an uphill battle when it comes to house hunting. This is in part because of a growing trend in which baby boomers, the generation that owns the largest share of American homes, are planning to stay put—leading to less inventory for new buyers.
However, baby boomer homeownership rates vary across local and state markets. Researchers calculated the percentage of owner-occupied households that are headed by baby boomers, then ranked locations accordingly.
These are the key takeaways from the report for New York State:
- Baby boomers account for 39.4% of homeowners in New York State, though they make up only 21.4% of the state’s population.
- Nationally, while baby boomers comprise 20.7% of the population, they account for 37.8% of all U.S. homeowners.
- Overall, New York State is the 13th most baby boomer-dominated housing market in the U.S.
Geographic Differences in Baby Boomer Homeownership
