According to the National Association of Realtors 2025 Home Buyers and Sellers Generational Trends report, baby boomers now comprise the largest generational group of home buyers in a shift that underscores the changing dynamics of today’s housing market.
The report examines the similarities and differences among recent homebuyers and sellers across generations, and found that the combined share of younger boomers (ages 60–69) and older boomers (ages 70–78) rose to 42% of all homebuyers in the past year. Millennials dropped to 29% of all homebuyers–down from a 38% share one year ago. Generation X buyers (ages 45–59) held steady at 24% of their share.
“In a plot twist, baby boomers have overtaken millennials–the largest U.S. population–to become the top generation of home buyers,” said Dr. Jessica Lautz, NAR Deputy Chief Economist and VP of Research. “What’s striking is that half of older boomers and two out of five younger boomers are purchasing homes entirely with cash, bypassing financing altogether.”
While older buyers were more likely to pay cash, younger generations were much more likely to rely on financing and family support. More than 90% of buyers 44 years and younger financed their home purchase. Twenty-seven percent of younger millennials (ages 26-34) and 13% of older millennials (ages 35-44) cited a gift from a relative or friend as one of the sources for their down payment.
The National Association of Realtors 2025 Home Buyers and Sellers Generational Trends report revealed that 24% of recent buyers were purchasing for the first time, a significant drop from the 32% share reported last year. First-time buying was most common among younger millennials (71%), while older millennials are now more likely to be repeat buyers.
“Older millennials are buying bigger and newer homes with larger down payments than their younger counterparts,” said Dr. Lautz. “This shift reflects the increasing role of equity in enabling repeat purchases, especially among older generations, while younger buyers continue to face affordability challenges.”
For the report, NAR mailed a 127-question survey to 167,750 recent homebuyers in July 2024 using a random sample weighted to be representative of sales on a geographic basis. Homebuyers had to have purchased a primary residence home between July 2023 and June 2024. The survey received 5,390 responses from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 3.2%.
Analyzing Homebuyer Trends
- Generation X home buyers led all generations with a median household income of $130,000, followed by older millennials at $127,500.
- Seventeen percent of all homebuyers purchased a multigenerational home–up from 14% last year. Generation X led the way, with 21% choosing multigenerational living, followed by younger boomers at 15%.
- Meanwhile, Generation Z–though still a small segment of the market (3% of all buyers)–had the highest share of single-female homebuyers at 30%, and like millennials, they tend to purchase older homes compared to other age groups.
“Gen Xers are today’s sandwich generation,” said Lautz. “They are purchasing multigenerational homes to accommodate aging relatives, children over the age of 18 and even for cost savings. While Gen X are purchasing at the highest household incomes, they may still feel the squeeze as they aim to find a home that serves everyone. Gen Z is slowly entering the housing market with the lowest household income and they’re more likely to be single than other buyers.”
Nearly nine out of 10 buyers (88%) purchased their homes with the help of a real estate agent. Younger millennials (90%) were the most likely to use an agent. Referrals remain the primary method most buyers use to find their agent. Referrals by friends, neighbors or relatives were higher among younger millennials (54%) and older millennials (42%) compared to older generations, which were more likely to work with an agent they had previously used to buy or sell a home.
Eighty-eight percent of buyers said they would use their real estate agent again or recommend them to others. This sentiment was even stronger among Generation X buyers (91%) and those in the Silent Generation (93%), underscoring the enduring value of professional guidance across generations.
Generational Trends and Home Sales
On the selling side, baby boomers dominated the market, accounting for 53% of all home sellers. Across all generations, sellers remained in their homes for a median period of 10 years. Younger millennials remained more mobile, typically selling after five years, while older boomers sold after 16 years.
Ninety percent of home sellers worked with a real estate agent, and homes typically sold for 100% of the final list price. Younger millennials were the most likely to use an agent (94%) and often saw the strongest returns–as 27% sold their homes for 101% to 110% of the list price, and 13% sold for more than 110% of the list price.
Click here for more on the National Association of Realtors 2025 Home Buyers and Sellers Generational Trends report.
