Homeownership has long been considered part of the American dream. But first-time home buyers, especially millennials and Gen Xers, are facing an uphill battle when it comes to house hunting. This is in part because of a growing trend in which baby boomers, the generation that owns the largest share of American homes, are planning to stay put. In fact, a 2018 survey conducted by AARP found that 76 percent of Americans over the age of 50 would prefer to remain in their current home—rather than move in with family, to a nursing home, or to an assisted living facility—which is leading to less inventory for new buyers. 

According to the U.S. Census Bureau, the share of homeowners over the age of 55 has been steadily increasing. In 2008, at the onset of the Great Recession, Americans over the age of 55 owned 44.3 percent of homes. By 2019, that percentage had increased to 53.8 percent. While the share of homeowners under the age of 35 remained fairly steady within the same time span, the share of homeowners between the ages of 35 and 54 decreased from 42.3 percent to 34.1 percent.

While baby boomers—defined here as Americans between the ages of 55 and 74—comprise just over 22 percent of the U.S. population, they account for nearly 42 percent of homeowners nationwide. Notably, baby boomers dominate the housing market in many coastal states, such as Maine (45.3 percent), Delaware (45.2 percent), New Hampshire (44.9 percent), Florida (44.6 percent), and Rhode Island (44.3 percent). By contrast, Midwestern states are more likely to have fewer baby boomer homeowners, including Minnesota (39.5 percent), Iowa (39.4 percent), Nebraska (38.7 percent), and North Dakota (38.5 percent). Across all states, baby boomers in Utah account for the lowest share of homeowners at just 34.0 percent.

To find which states have the highest share of baby boomer homeowners, researchers at Construction Coverage analyzed homeownership and demographic data from the U.S. Census Bureau. Researchers also referenced the Zillow Home Value Index to find each state’s median home price, compared to the national median of $256,663. They ranked states by the share of owner-occupied housing units owned by baby boomers. 

The analysis found that in Georgia, 40.3% of homeowners are baby boomers. Out of all U.S. states, Georgia reports the 9th lowest percentage of baby boomer homeowners. Here is a summary of the data for Georgia:

• Percentage of homeowners that are baby boomers: 40.3%

• Baby boomer population share: 21.0%

• Number of baby boomer-owned households: 994,722

• Number of baby boomer-rented households: 291,619

• Median home price: $213,026

For reference, here are the statistics for the entire United States:

• Percentage of homeowners that are baby boomers: 41.9%

• Baby boomer population share: 22.6%

• Number of baby boomer-owned households: 32,954,169

• Number of baby boomer-rented households: 9,968,993

• Median home price: $256,663

For more information, a detailed methodology, and complete results, you can find the original report on Construction Coverage’s website: https://constructioncoverage.com/research/baby-boomer-dominant-housing-markets-2020