January 31, 2025 - 05:09
If you’re a millennial or a Gen Xer, you’ve likely heard a lot about the looming “Great Wealth Transfer.” This anticipated event, where baby boomers are expected to pass down significant wealth to younger generations, is facing unexpected hurdles. Despite the staggering $84 trillion in real estate assets owned by boomers, many are reluctant to relinquish control of their properties.
Several factors contribute to this hesitation. For one, many boomers view real estate as a stable investment and a source of income during retirement. Additionally, emotional attachments to homes where they raised families can make the decision to sell or transfer ownership difficult.
Furthermore, economic uncertainties and fluctuating housing markets have made boomers cautious about divesting their assets. As a result, millennials and Gen Xers may find themselves waiting longer than expected for this wealth to become accessible. The implications of this delay could reshape financial planning and homeownership opportunities for younger generations.
