A lot has happened to the nation's homeowners in the past few years, according to Census Bureau statistics. There are fewer of them, for one thing. The total number of homeowners fell by more than one million between 2006 (the peak year) and 2015. But the loss occurred only because of the steep decline in homeowners under age 55, the number falling by 7.8 million (down 18%) as younger adults became increasingly unwilling or unable to buy a home.

In contrast, the number of homeowners aged 55 or older expanded by 6.4 million (up 20%) between 2006 and 2015, thanks to the aging of the Baby Boom generation. Today, the 52% majority of homeowners are aged 55 or older, up from just 43% in 2006.

Gen Xers Spend the Most

Who are the biggest spenders – Millennials, Gen Xers, or Boomers? The answer: Gen Xers, of course, because they're in their peak earning years and have the highest incomes. In 2015, Gen X households spent $66,981, Boomer households $59,646, and Millennials $47,113, according to the Consumer Expenditure Survey. But Millennial and Boomer households spend more than Gen X households on a number of categories, including the following:

Millennials spend more than Gen Xers on rent, household personal services (mostly day care), and clothes for children under age two.

Boomers spend more than Gen Xers on property tax, other lodging (mostly hotels and motels), landline phone service, reading material, new cars and trucks, and pets.