Millennials are Getting Screwed by Boomers

Millennials are Getting Screwed by Boomers | The Kitti Sisters

EP213: Millennials are Getting Screwed by Boomers



There’s something that just hasn’t been sitting right with us…

We think Millennials have got a bad rap! 🙄

The truth is that this particular generation has NOT had it made in the shade – especially where real estate is concerned. 

Some people tend to think Millennials have it sooooo easy, but we see it differently. 

Why do you think it’s all about renting these days?

Home ownership is just not as accessible for younger buyers, whereas Boomers tend to dominate the housing market AND hold higher net worths. 

And you know what? 

We think it’s about time to level the playing field, and spread some of that real estate around! 🏘️👌

Our point isn’t to throw Boomers under the bus here…notttt at all. 

We just know that there’s MORE than enough money to go around, and it doesn’t matter how old you are – real, lasting wealth can be accessible to all! 

It’s wayyy past time to bridge the generational wealth gap.

Here’s to leveling the playing field and making real estate accessible to all. 🥂

Palmy ➕Nancy
The Kitti Sisters


  • Get ready for a reality check – for the first time in history, millennials aren’t outpacing their parents in wealth.
  • Together we will explore the insane influence of baby boomers, their real estate power, and a seemingly impossible market for younger buyers.
  • It’s no secret that millennials are facing an uphill climb toward homeownership, so get ready to learn how to level the playing field in real estate.

Millennials are Getting Screwed by Boomers

Millennials have it so much easier than previous generations.

Right?  👀


👉 Believe it or not, for the very first time in modern history, today’s generation is not wealthier than their parents. 

It has nothing to do with work ethic or socio-economic status – the truth of the matter is that it’s becoming harder and harder to find jobs that can provide the same lifestyle and comfort level of previous generations. 

This also means that it’s harder to save up for retirement, buy a home, and have comforts that previous generations could afford simply by working one job.

Listen, for the longest time, it was a basic expectation that younger generations would be better off than their parents.

Not only is that not a guarantee today, but in a world that is much richer than it was at any previous point, it might be slightly baffling. 

Sadly, a lot of millennials are just hoping to be on the same level as their parents, because aspiring for more is unrealistic and just unattainable. 

So what’s the underlying cause?

Together let’s dive into what defines a boomer and the economic clout they hold, their impact on the housing market, and ways you can push back against these trends.

But first, let’s journey back in time to 1947.  😵😵

We know you’ve seen this photo – it’s the iconic black and white photo of an American sailor kissing his sweetheart in a back-bending embrace during a moment of spontaneous joy after the long-awaited WWII victory over Japan.

This joyous moment is more than just a photo, it symbolizes a moment in history, the beginning of a new era.

It signaled the start of the baby boomer generation. Born in the aftermath of World War II, they emerged during a time filled with optimism and hope for a brighter future. With the war concluded, society was eager for peace, prosperity, and the expansion of families.

Until recently, Boomers held the title of being the largest cohort in history, only to be recently surpassed by Gen Z. 

According to Visual Capitalist, Boomers command the most significant share of economic power among all cohorts, claiming an astounding 43.4% of the pie.

Not only that, but 72% of S&P 500 CEOs belong to the Baby Boomer generation, and as a whole, Boomers hold a staggering $75 trillion in wealth.

Boomers are basically like hibernating bears. 🐻

Bears hibernate 💤 to weather through periods of scarcity and uncertainty, conserving their resources until conditions improve.

Similarly, baby boomers, having accumulated substantial wealth and property, are often seen as “hibernating” in their homes.

They’re holding onto valuable real estate assets, contributing to a scarcity of available housing for younger generations.

As the housing market stabilizes, a significant force is making its presence felt—the baby boomers.

With their nest egg of $75 trillion in wealth, baby boomers are throwing their weight around the housing market. 

Initially, during the pandemic, they opted to stay in their homes, focusing on renovations and improvements. 

However recent studies indicate that 39% of homebuyers are now part of the baby boomer demographic.

Boomers are increasingly leaning towards all-cash transactions to sidestep the burden of high mortgage interest rates.

In 2023, 32% of younger boomers (aged 58-67) purchased homes without mortgages, a notable increase from 22% in 2022. 

Even among older Boomers, aged 68-76, the percentage of those buying homes without mortgages increased to 51%, a significant jump from 32% in the previous year. 

Not only that but in September 2023, 34.1% of all home purchases in the US were made in cash, marking the highest rate since 2014.

So how on earth are millennials supposed to beat out all cash offers? 💵

You see, 24% of Boomer’s total wealth – around $19 trillion – is tied up in real estate. 

That’s more than what they’ve got stashed away in pensions or stocks.

What’s even more enviable is their financial freedom.

Unlike millennials dealing with hefty student loan payments, boomers have fewer, if any, of those financial burdens weighing them down.

In addition to feeling really unfair, the worst part about all of this is that the strategic use of real estate wealth and equity by Boomers is sending ripple effects through the housing market, creating hurdles for aspiring first-time homebuyers. 

Repeat buyers are now dominating the scene, making up for 68% of all property purchases, a notable change from the historical average of 62%.  🤓🤓

As the scales tip towards this demographic, it’s important to note that the average age of a repeat buyer is 58, perfectly aligning with the Boomer age group. 

This means that the challenge for first-time buyers only intensifies as Boomers, who are more likely to already own a home, leverage their accumulated equity. 

And it’s not only all about equity, 68% of adults aged 70 and older are also mortgage-free, locking away valuable housing stock. 

This trend not only limits opportunities for newcomers but also contributes to the rising competitive nature of the market, making it increasingly difficult for those taking their first steps into homeownership.

The financial hurdles are just stacking up against Millennials, aged 26-42, and are creating a tough landscape in the housing market—marked by high interest rates and limited inventory. 

In 2022, Millennials emerged as the powerhouse of homebuyers, claiming a significant 43% share of all property purchases.

However, the tides have shifted, with their presence dwindling to just 28% in 2023, a stark decline in homeownership rates.

Adding to this challenge is the fact that the average age of first-time homebuyers has climbed to 36. 

This delay in entering the housing market prolongs their ability to establish equity and expand their overall net worth, further complicating their financial journey.

It reminds us of a Thai saying: “If you’re pierced with a thorn, you need a thorn to remove it.”  🌹

This proverb perfectly captures the dilemma millennials face, where the housing market, once seen as a solution for financial stability, has become the very heart of the millennial struggle.

Thinking about the age-old advice, “If you can’t beat them, join them,” 😜😜 here’s a real talk for all you Millennials out there: If you’re not already diving into the real estate game, you might want to consider getting in on the action, and pronto! 

Now, speaking from our own experience, we’re not just talking the talk; we’re walking the walk. With our portfolio of multifamily real estate holdings, we’re making sure the Boomers aren’t the only ones having a good time. 

Five years ago, we started from ground zero in real estate, and today, we’re proudly managing over 🏢 $300 million in assets.

Sure, we flirted with the idea of single-family rentals at first, but let’s be honest—dealing with a delinquent tenant every month wasn’t exactly our idea of fun.

The smaller properties brought a whole lot of mess and chaos into our lives. 

Think tenant turnover, property repairs, endless tenant screenings, rent collections, major repairs—the list goes on.

But life became much easier when we leaped into larger multifamily apartments.

We let a professional team handle all the nitty-gritty stuff related to tenants and property issues, and suddenly, our stress levels took a nosedive. 

We totally get it – you might be saying, “Hey, guys, we don’t have the kind of money for these big projects.”

Guess what?

We didn’t either when we started out. 

So, tune into this episode, and learn how we made it happen—and how you can too!

It’s not about having a pile of cash; it’s about making smart moves, and we’ve got the playbook to prove it.

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We're Palmy ➕ Nancy Kitti 〰️ The Kitti Sisters

A sister duo team obsessed with all things financial freedom, passive income, and apartment investing + apartment syndication, who turned a $2,000 bank account into a nine-figure empire.  Now, we're sharing with you the behind-the-scenes secrets of our wealth building strategy.

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