Rich Boomers, Broke Millennials, and Ambitious Gen Z Fight for Housing

On The Market

BiggerPockets

News, Investing, Business, Education

4.8 • 820 Ratings

🗓️ 28 October 2024

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Which generation is taking control of the housing market? With Baby Boomers sitting on an enormous amount of equity-based wealth, younger generations now have to do their part to get in the game, but who is faring best? Gen Z is hungry to get into homeownership, but with their high cost of living, credit card and student debt, and low affordability, will they be a forever-renter generation? What about Millennials, many of whom were financially shell-shocked after leaving college and entering the workforce during the Great Financial Crisis? And don’t worry, Gen X, we didn’t forget you (even though almost everyone else did). Today, Dave and each of our experts have taken one generation to report on. We’ll talk about Gen Z, Millennials, Gen X, and Baby Boomers—how much wealth they hold, their debts, whether or not they’re buying houses, and how they could affect the future housing market. Plus, we’ll touch on the financial mentality behind each generation and whether or not they have what it takes to become homeowners. Finally, will the “Silver Tsunami” ever happen when Baby Boomers pass away and the flood of Boomer-owned houses hits the market? We’ll discuss the likelihood of this happening and whether or not the growing trend of “aging in place” could keep our housing inventory at rock bottom. In This Episode We Cover Why Gen Z is so poised to start buying real estate (but will they be able to?) The Baby Boomers’ massive amount of equity wealth that may benefit the future generations The largest generation of homebuyers that is still actively looking for places to live Why this “forgotten generation” might be one of the wealthiest to come The chance of a “Silver Tsunami” and what happens when Boomers pass down their housing wealth And So Much More! Links from the Show Join the Future of Real Estate Investing with Fundrise Join BiggerPockets for FREE Find an Investor-Friendly Agent in Your Area Dave's BiggerPockets Profile Henry's BiggerPockets Profile James' BiggerPockets Profile Kathy's BiggerPockets Profile Grab Henry’s New Book, “Real Estate Deal Maker” Find an Investor-Friendly Agent in Your Area Boomers Hoard Houses, Millennials Struggle to Buy, But Gen Z Gets Ahead Jump to topic: (00:00) Intro (02:58) Gen Z - The Renter Generation (10:47) Millennials - The Homebuyer Generation (16:51) Gen X - The Forgotten Generation (26:18) Baby Boomers - The RICH Generation Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/on-the-market-264 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	I blame the 2008 housing crash on Gen X. If it had been a larger population, there would have been
0:06.8	enough people to keep the housing market afloat. But it's such a tiny generation that there just
0:12.0	weren't enough of you. The cool thing about being a baby boomer is that they have all of the money.
0:18.4	Despite being just 20% of the population, they have 51% of the wealth.
0:25.6	You know, there's this sort of stereotype that boomers don't have to care and they're all
0:29.4	really rich. And that stereotype is kind of true, at least when you look at the statistics about it.
0:39.9	Hey, everyone. it's Dave.
0:41.6	Welcome to On the Market, as we often do on panel shows where I'm joined by James,
0:47.0	Henry and Kathy, as we are today.
0:49.3	We've each done some homework ahead of time.
0:51.7	And we're going to be talking about how each generation is
0:55.3	shaping the housing market and the U.S. economic landscape. So I've assigned to each of you a
1:02.3	generation to take on. Kathy, how's it going? Great. Well, thanks for being here. You have been
1:08.3	assigned Gen Z because you have some Gen Z children,
1:12.4	so I figured you'd be the best to represent them. Well, I have one Gen Z child and one
1:16.3	millennial. So I've got two kids and different generations. Amazing. All right. Well, I don't
1:21.7	feel comfortable representing Gen Z, so I'm glad you're willing to do it for us. James,
1:26.3	you've got millennials. Are you, you're a millennial, right? I'm just barely a millennial so I'm glad you're willing to do it for us. James, you've got millennials. Are you,
1:31.4	you're a millennial, right? I'm just barely a millennial. I'm getting old now, though. You're an old millennial. Yeah, I'm at the tail end. I was like, wow, I'm at the, I'm the older
1:35.7	millennial. That's not a good thing. Why? What's wrong with that? That's great. You're well seasoned. But I remember when I first got a real estate, I was the youngest person in the room, like wherever I went.
1:45.0	Now I'm like the oldest person in the room, and I'm like, oh, man, when did it?
1:48.0	And it changed like that all of a sudden.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.