The age group with the largest share of real estate wealth in the United States has changed, according to a new Redfin analysis.
The analysis shows that it’s the oldest Americans who hold 26% of America’s $48 trillion in real estate wealth as of the third quarter of 2025, the most recent period for which that data is available.
The share of real estate wealth held by 70+ year-olds surpassed that of 40-54 year-olds for the first time on record during the second quarter of 2025. At that time, 70+ year-olds held 26.1% and 40-54 year-olds held 25.9%.
As of the third quarter, both groups held exactly 26%, Redfin noted.
That’s just under the prior quarter’s 26.1%, the highest level for 70+ year-olds on record, and compares with 21.6% a decade earlier and 16.6% two decades earlier, based on a Redfin analysis of Federal Reserve Board data going back to 1989.
According to U.S. population estimates, there are about 37–38 million people age 70 or older in the United States.
Consistent Wealth Gains
Before last year, the 40-54 age group consistently held a larger share of real estate wealth than the oldest Americans.
Redfin said that the 70+ age group is the only one that has had consistent wealth gains over the years.
As previously noted, the 40-54 year old age group held 26% of real estate wealth in the third quarter. That’s down from 29.3% a decade earlier. The 55-69 year old group had its share drop to 35.3% from 37.2% over the same period.
Redfin noted that the share held by the youngest Americans has flatlined; people under 40 held 12.6% of real estate wealth in the third quarter, little changed from 11.9% a decade earlier.
“Breaking into homeownership wasn’t an easy feat for baby boomers, who faced high inflation and high interest rates. But mortgage rates then entered a decades-long decline, fueling years of home price growth that benefited baby boomers,” said Redfin Chief Economist Daryl Fairweather. “Those home price gains, along with a rebound in mortgage rates in recent years, have pushed homeownership out of reach for many younger Americans.”
Younger Americans also are purchasing real estate later because they’re getting married later, Redfin said.
There’s good news, Redfin noted. Affordability already has started to improve this year.
Redfin predicted late last year that homebuyers would get some relief in 2026 as income growth outpaced home price growth. It said that home price growth has slowed significantly since the pandemic moving frenzy, and mortgage rates have come down in recent months.
