Millennials may have an easier time buying homes in these 5 cities where boomers may actually give up their houses

2024-04-16 20:42:38+00:00 - Scroll down for original article

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Many homeowners who scored historically low mortgage rates are financially incentivized to stay put. But Zillow identified 5 US cities with the most homeowners likely to move — and sell their homes. Millennials and others struggling to buy homes may have better luck in the Northeast and Midwest. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement The current tight housing market is often reduced to a generational standoff: baby boomers are holding onto their houses, keeping out millennial buyers. New research from the real-estate marketplace Zillow shows where in the US the standoff could ease. It boils down to some hard-to-change factors: Many current homeowners have a "rate lock-in," meaning their current interest rate is lower than what they would be quoted if they tried to get a new mortgage today. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .