Many have been blaming Baby Boomers for the current housing market being in disarray, with national prices surging by 50% during the pandemic and mortgage rates spiking from under 3% to over 7.5% as the Federal Reserve raised interest rates. The housing supply is severely restricted due to affordability issues, with homeowners reluctant to give up their 3% mortgages. Housing affordability is now at its worst point in decades, and solutions are difficult. Economists at Barclays blame the baby boomer generation, citing their substantial numbers and the fact that they crowd out the affordable housing supply once their children leave home. Although baby boomers have substantial home equity and aren't as affected by high mortgage rates, other factors contribute to the housing crisis, such as the need for increased housing construction, the aftermath of the 2008 financial crisis, the pandemic's impact on housing prices, and the demographics of millennials entering the housing market. The housing market's woes are complex, and it may take time for the situation to improve for younger generations.
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