Only 4.0% of Georgia Homebuyers Are Under 25

The red-hot residential real estate market that existed during the COVID-19 pandemic has cooled off, but finding a home remains challenging for many buyers. Elevated home prices and high interest rates have made it especially difficult for young, first-time homebuyers to make a purchase.

Some unique, pandemic-related economic factors have contributed to the current state of the market, but some of the largest structural factors driving the current market are generational. Baby boomers and members of the Silent Generation—those born in 1946–1964 and 1925–1945, respectively—are increasingly choosing to age in place as they reach retirement. Simultaneously, the millennial generation, who were born between 1981 and 1996, are now America’s largest generational cohort and at a peak age for buying a first or second home. Together, these forces mean that more buyers are competing for fewer homes. Zillow recently estimated that the U.S. needs 4.5 million more homes to meet current demand.