HousingWireHousingWire
Baby boomers have overtaken millennials as the largest share of homebuyers, making up 42% of all purchases in the past year, according to a report from the National Association of Realtors (NAR).
Millennials, who previously led home-buying trends, now account for 29%, down from 38% the previous year. NAR’s 2025 Home Buyers and Sellers Generational Trends report found that Generation X buyers remained steady at 24% of the market.
The data reflects shifting financial dynamics, as older buyers — particularly boomers — are increasingly purchasing homes outright with cash.
Boomers’ cash power, first-time buyers decline
“Baby boomers have overtaken millennials — the largest U.S. population — to become the top generation of home buyers,” said Jessica Lautz, NAR deputy chief economist and vice president 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.”
By contrast, more than 90% of buyers under age 44 financed their home purchases. Among younger millennials (ages 26–34), 27% cited a financial gift from a relative or friend as part of their down payment, compared to 13% of older millennials (ages 35–44).
First-time homebuyers comprised 24% of all purchases, a drop from 32% the previous year. Younger millennials remained the most common first-time buyers, with 71% purchasing their first home. Older millennials, however, were more likely to be repeat buyers.
“Older millennials are buying bigger and newer homes with larger down payments than their younger counterparts,” Lautz said. “This shift reflects the increasing role of equity in enabling repeat purchases, especially among older generations, while younger buyers continue to face affordability challenges.”
Gen X had the highest median household income at $130,000, followed by older millennials at $127,500.
Multigenerational homebuying, Gen Z women
Multigenerational home purchases increased to 17%, up from 14% last year, with Generation X leading the trend. Among Gen X buyers, 21% opted for multigenerational homes, followed by 15% of younger boomers.
“Gen Xers are today’s sandwich generation,” Lautz said. “They are purchasing multigenerational homes to accommodate aging relatives, children over the age of 18, and even for cost savings.”
Generation Z buyers, though a small segment at 3%, had the highest share of single female buyers at 30%. Similar to millennials, they tended to purchase older homes compared to other age groups.
“Gen Z is slowly entering the housing market with the lowest household income, and they’re more likely to be single than other buyers,” Lautz said.
Role of agents
Eighty-eight percent of buyers used a real estate agent to purchase their home, with younger millennials the most likely to do so (90%).
Referrals remained the top method for finding an agent, with younger and older millennials more likely to rely on recommendations from friends, neighbors, or relatives, while older generations often returned to agents they had previously worked with.
Among sellers, baby boomers dominated, accounting for 53% of home sales. Across all generations, sellers typically lived in their homes for a median of 10 years before selling. Younger millennials tended to move more frequently, selling after five years, while older boomers stayed an average of 16 years before selling.
Ninety percent of sellers used a real estate agent, and homes generally sold for 100% of the final list price. Younger millennials saw the strongest returns, with 27% selling for 101% to 110% of the list price, and 13% selling for more than 110%, NAR added.
