Baby Boomers Transform Housing Market in New Mexico

Baby boomers are exerting a significant influence on the U.S. housing market, now making up the largest generational group of recent homebuyers nationwide, surpassing millennials, according to a National Association of Realtors report. In New Mexico, boomers own about 40% of homes and are increasingly choosing to age in place, shaping local real estate dynamics by prioritizing lifestyle and community over size. Nationally, many boomers are purchasing homes entirely with cash, while younger buyers rely more on financing and family support. Despite this, there is generational disagreement over who is responsible for the current housing crisis, with both millennials and boomers assigning blame to each other for issues like housing inventory. Nevertheless, high maintenance costs are cited as a key affordability concern for boomers, and most Americans, regardless of age, still see homeownership as part of the American dream. These trends illustrate the shifting priorities and challenges faced by different generations as they navigate the evolving housing market.