As Mark Twain reportedly said, “There are lies, damn lies, and statistics.”
And then there is sloppy clickbait journalism.
In a recent article, Zachary Kussin of the New York Post presents the following statistics on recent trends in home ownership and home buying:
“Baby boomers — born between 1946 and 1964 — comprised a 42% share of buyers, which remained unchanged from last year. These older Americans benefit from the equity gained from homes they previously sold — and likely lived in for some time as they raised families.
Both the Silent Generation, the eldest Americans born between 1925 and 1945, and Gen Z, who were born between 1999 and 2011, made up the smallest share at 4% each.
Younger millennials — those born between 1990 and 1998 — made up the largest share of first-time buyers over the past year, at 60%. That marks a loss in market share, as that figure is down from the 71% tallied the previous year.
Older millennials, meanwhile — born between 1980 and 1989 — are moving their way up in the world, and that’s manifesting in home purchases…they have the highest median household income of any generation at roughly $133,000, purchased the largest dwellings with a median 2,100 square feet and were less likely to be first-time buyers than younger millennials.”
I won’t argue with the statistics. They may very well be correct.
But somehow, Mr. Kussin managed to spin all that data into the following headline:
“First-time home buying plunges to record low as baby boomers prevent younger Americans from ever owning”
Before you ask: no, I’m not a Boomer. (I was born in 1968.) But “blame the Boomers for everything” has become as tedious (and intellectually lazy) as “all Gen Z are lazy and lack social skills” and “all Gen Xers are cynical loners at heart”.
(Ok–most Gen Xers are cynical loners at heart. But as a Gen Xer, I am entitled to make such an assessment.)
There have always been generational differences in equity in the real estate market. No one has equity when they buy their first home. And there have always been older homeowners with comparatively more equity. It’s called time.
This was the way it was when I purchased my first home in 2000, or when my parents purchased their first house in the early 1970s.
Time and equity are not Baby Boomer conspiracies to deprive younger home buyers. Any journalist who would publish the above headline needs to take a basic course in economics.
-ET






