Millennials’ vaunted status as the largest group of homebuyers in the U.S. proved short-lived, with baby boomers swooping back in to reassert their dominance over the housing market.
Millennials between the ages of 26 and 44 made up 29% of all property buyers in 2024, according to the 2025 Home Buyers and Sellers Generational Trends report from the National Association of Realtors®.
That figure represents a 9% plunge from millennials’ homebuying share the year before, which peaked at 38%.
Meanwhile, baby boomers—defined as people born between 1946 and 1964—clawed their way back to the top of the NAR chart, reclaiming their spot as the largest demographic of homebuyers, at 42%.
But it was not all bad news for millennials, who reigned supreme in the first-time homebuyers’ segment.
At 24%, Gen Xers accounted for the third-largest group of buyers this year, followed by what is known as the Silent Generation—made up of people 79 years and up—at 4%.
As the youngest—and least affluent—demographic, Gen Zers came dead last in NAR’s rankings, making up a mere 3% of all buyers.
The report is based on a survey of nearly 5,400 buyers who purchased a primary residence in the 12 months ending June 2024. The income data in the report was from 2023. (NAR defined Generation Z as those born between 1999 and 2011; millennials born between 1980 and 1998; and Generation X born between 1965 and 1979. Baby boomers were 1946 through 1964, while the Silent Generation was 1925 through 1945.)
(National Association of Realtors)
Baby boomers unseat millennials as biggest buyers
Younger millennials, aged 25 to 33, and older millennials, 34 to 43, saw their buying power surge in 2023; but the trend was soon reversed due to rising mortgage rates, which caused this demographic to be largely priced out of the market.
Mortgage rates averaged 6.65% for a 30-year fixed loan in the week ending March 27, according to Freddie Mac. Meanwhile, the median home list price was $412,000 in February, based on the most recent Realtor.com® data.
“Most first-time homebuyers are millennials or younger, and many boomers in the market have already owned a home,” says Realtor.com senior economist Joel Berner. “This means that older buyers are more likely to have home equity that they can convert into a down payment on their next home; and with higher down payments, they can finance less of their purchase at these high mortgage rates.”
Down payments have been going up, reaching a new fourth-quarter record at the end of last year. According to Berner, this upswing is primarily driven by current homeowners—many of them baby boomers—relying on their existing home equity to purchase their next home.
“Millennials and other young buyers who only have their savings to use as a down payment are being left out of the game,” explains the economist. “Boomers, on the other hand, have seen huge increases in the value of their home equity that they can use to buy their next home without putting as much of the purchase price into a mortgage.”
Boomers made their presence felt on the market in a major way last year, with the younger members of that demographic—from 60 to 69 years old—making up 26% of all recent buyers, and older boomers—aged 70 to 79—making up 16%.
“Baby boomers purchased for an array of reasons, primarily the desire to be closer to friends and family, due to retirement, and the desire for a smaller home,” according to the authors of the NAR report.
At the same time, baby boomers also stood out as the most active homesellers, making up a staggering 53% of those listing their properties in 2024.
Younger boomers were the most likely to buy a home in a small town—with the expectation of staying in the home for the longest period of time, at 20 years.
Meanwhile, older boomers were the most likely to purchase in a suburb or a subdivision, gravitating toward properties built in 1999.
Millennials make their mark as first-time buyers
First-time homebuyers in 2024 made up 24%, representing a drop of 7% compared to the year before.
Millennials accounted for the biggest share of novice buyers, with 7 in 10 younger millennials and more than 1 in 3 older members of this demographic, becoming homeowners for the first time in 2024.
(National Association of Realtors)
Put it differently, among the 26-to-34 age group that coincides with younger millennials, 71% were first-time homebuyers—by far the highest value across all demographics.
Older millennials from the 35-to-44 group were a distant second at 36%, followed by Gen Xers at 20%.
Among older boomers, only 4% were first-time buyers—the lowest share across all age groups.
Perhaps surprisingly, the 79-to-99-years-olds of the “Silent Generation” made up 5% of first-time buyers, with younger boomers notching 9%.
Types of homes purchased across age groups
15% of younger boomers bought new homes, looking to avoid dealing with renovations and problems with plumbing or electricity.
The most common type of home bought in 2024 continued to be detached single-family homes, which made up 75% percent of all properties purchased.
Older boomers and the Silent Generation were the most likely to invest in apartments and condos, compared to other age groups.
Overall, buyers expected to live in their homes for a median of 15 years, the same as the year before.
For Gen Z, younger millennials, and the 79-to-99-year-olds, the anticipated length of time was only 10 years, compared to 20 years for younger baby boomers.