ahalpert
Major Contributor
. Abe, one day, you too will be a stinking old man, and you will like it.
Anyway, it's no one stinking group that is driving up the market. It's all of us.
I'll either become a stinking old man or I'll die young. Wanna know my preference?
I'm not actually accusing boomers of driving up prices. I'm just defending millennials from that accusation. I also find millennial-bashing to be distasteful not just because they're my cohort but because we got screwed by the great recession.
This chart says it all. i graduated college in 2009 at the age of 20. The 16-24 year-old age group had over a 15% unemployment rate for years after the great recession. You know what it is today? 8%.

https://www.statista.com/statistics/...sonal%20trends.
My point to run&gun is twofold. For one thing, I don't think that the crazy run up in housing prices is necessarily a bubble. I think the market has shifted and it's more likely for prices to stall and erode from inflation than for us to see a crash.
The second point is that people with deep pockets who could pay cash were steering the market. This wasn't just older folks. It was also institutional investors.
One addendum - I've also read statistics abput an increase in the proportion of first-time home buyers who were previously living with family. The takeaway? Those folks who moved back into their parents' basements funneled their saved rent money into down payments. I personally know one guy who did that.
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