If you know anyone who’s tried buying or selling a house this year, you know the housing market is red hot. As in, the hottest it’s been since 2006, with low mortgage rates—and a limited number of homes on the market—sparking bidding wars and overwhelming real estate agents with requests to tour literally anything that’s for sale (like one house in Canada, which booked 192 showings in 24 hours, despite looking like a “small box”).
As home values climb, we’re all left wondering: Is now a good time to buy a house? A whopping 73 percent of Americans say it’s a smart investment, according to an 850-person Opendoor survey. But it turns out that what type of home you buy—and whether you’re better off investing elsewhere until the market cools—varies greatly from generation to generation, particularly when it comes to millennials and baby boomers. Here’s where their perspectives differ.