I think you're on the right track. Also, bear in mind that it may drop well below 38% if there is a housing correction soon.

My expectation is that the big difference is that Boomers' financial investments have had longer to appreciate, which they do at a higher average rate than real estate. Plus, workers contribute to retirement funds continuously throughout their careers, so Boomers will have made far more contributions than millennials.

Undisciplined

charts_and_numbers

Visualizing $156 Trillion in U.S. Assets, by Generation

0xbitcoiner

I'd guess it's because they have less disposable income. A low wage earner probably spends a relatively high percentage of their income on food but that doesn't mean they value food more than rich people.

I'd be curious what percent real estate allocation boomers had when they were young.  It's likely lower because homes were cheaper.
