![]() Since NAR's 2014 report, millennials had been the top homebuying generation. Millennials, who are now 24 to 42 years old, had been the dominant homebuying generation prior to 2022 but last year made up 28% of homebuyers, a significant decline from the 43% observed in 2021. The National Association of Realtors’ (NAR) latest demographic report states that baby boomers, ages 58 to 76, made up 39% of homebuyers in 2022, an increase from 29% in 2021. ![]() Read more here.īaby boomers overtake millennials as top home-buying generation Small landlords must rent out affordable units to obtain a loan through the program. Residents are eligible if their income does not exceed 80% of the area median income. The surrounding suburbs - Bucks, Montgomery, Chester and Delaware counties - will get about $18 million combined. Philadelphia is slated to receive just over $21 million, by far the biggest allocation in the state. ![]() Individual counties applied for funding through the Pennsylvania Department of Community and Economic Development. Nikil Saval (D-1), of Philadelphia, who introduced the legislation, said it will help to keep rents affordable, and allow homeowners to stay in their homes and pass them down to future generations. Small landlords can get the same amount as a forgivable loan. Eligible homeowners can receive up to $50,000. The funding comes from the Whole-Home Repairs Program, the result of bipartisan legislation financed by the current budget. The Philadelphia area will receive nearly $40 million from the state to help residents and landlords repair and weatherize their properties. State program will send millions to Philly region for home repairs and weatherization
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