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That exact dynamic—-sharply appreciating house price, falling interest rates, no prepayment penalty—-allowed them to use the homes as an infinite piggy bank. Very convenient.

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And xennials had access to same dynamic. Xennials houses were more expensive than boomer houses, but they were also much larger and financed more cheaply. Once you make those two adjustments, those who bought their house around the turn of the millennium were the ones who got the most value in terms of house payment as fraction of income, and who experienced the most appreciation the most quickly. And in 2000, it was Gen-X buying their first home, not boomers. (a very brief moment post-crash was even better).

It's young adults that are getting screwed. Xennials are no longer young adults.

P.S. I bought my first house in 2001 at the age of 28. In hindsight I got super lucky and timed it perfectly. I bought it the month I paid off my student loans, which took me ~4 years of accelerated payments.

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