Owning a home has long been considered a surefire wealth builder, and new research confirms just how lucky Baby Boomers have had it when it comes to homeownership.

The report, released Thursday by mortgage guarantor Freddie Mac, is a reminder of the spending power of the mighty post-war generation. As of 2024, there were 65 million Baby Boomers, defined as Americans born between 1946 and 1964. They account for 20% of the U.S. population, and 36% of total homeowner households.

As they age – and pass on – the ensuing “Silver Tsunami” is likely to bequeath what Freddie analysts are calling a “Wave of Wealth” for their children and other heirs.

Among the report’s findings:

Boomers hold half of the nation’s home equity, amounting to $17.3 trillion, according to Federal Reserve data. In a survey Freddie conducted earlier this year, 75% of respondents said they plan to leave either their home or the proceeds of the sale of their home to their children or family. Only 9% intend to use their home equity to fund their retirement.

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Homeowners are far more likely to have confidence in a comfortable retirement than renters. Nearly 70% of respondents who own their home expressed confidence in having a “financially comfortable” retirement, versus only 42% of renters. Research released earlier this year by the Aspen Institute showed that renters have a median net worth of just $10,400 compared to about $400,000 for homeowners.

Finally, the vast majority of survey respondents credit a fixed-rate mortgage for helping them build wealth. Half of the respondents own their home outright, but among those who are still paying off their mortgage, more than half – 53% - have an interest rate below 4%.

“This is the 30-year fixed-rate mortgage playing at its best,” said Sonu Mittal, who runs the Single-Family Acquisitions department at Freddie Mac, in an interview with USA TODAY. “Baby Boomers have had the stability and security and peace of mind on the payment.”

Some research suggests the Boomers may have had it luckier than those coming of homeownership age now. While fixed-rate mortgages do keep principal and interest payments stable and secure, property insurance and taxes are taking up an increasingly large share of monthly housing costs – and those costs keep growing.

More:Buying a house? Four unconventional ways to become a homeowner.

Industry innovations, including some mortgage products Freddie Mac has developed, aim to help Boomers and their heirs with various elements of the aging process.

For example. The company’s CHOICERenovation and CHOICEReno eXPress mortgages may be helpful for older homeowners who are looking to age in place with renovations to their primary home, or even the construction of an accessory dwelling unit, sometimes called a “granny flat” or “in-law unit.”