The new average age of a first-time homebuyer climbed dramatically to 40 this year, meaning that older millennials, after years of scraping and saving, have finally achieved the American Dream.
For those who have yet to manage the pathway to homeownership, the future may hold the key. Their baby boomer parents are slated to pass on $90 trillion dollars in the Great Wealth Transfer, which is poised to include assets ranging from homes to cold hard cash.
Which is good, because according to a new survey done by Northwestern Mutual, nearly 7 out of 10 millennials are counting on that inheritance to plan their own futures.
Retirement out of reach
According to Northwestern Mutual’s findings, nearly one-third (31%) of U.S. adults anticipate leaving an inheritance or a financial gift/donation to a charitable organization—up from 26% in 2024.
The study also found that among those expecting to receive an inheritance, more than half (57%) say it is “critical” or “highly critical” to their long-term financial security. For Gen Z and millennials, it’s even higher—63% and 69%, respectively.
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