Although some unique, pandemic-related economic factors have contributed to the current state of the real estate market, some of the largest structural factors driving the current market are generational.
Baby boomers—those born between 1946 and 1964—are increasingly choosing to age in place as they reach retirement. Simultaneously, millennials, 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. And according to Freddie Mac, the supply of homes for sale was already at a record low prior to the pandemic.
The Gwinnett Daily Post is a daily newspaper published in Gwinnett County, Georgia, and serves as the county's legal organ. The newspaper is owned by Times-Journal Inc. and prints Wednesday and Sunday each week.