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The top U.S. housing markets are aging due to the fact that older Americans have more money to spend on home purchases in those in-demand areas compared to their younger, less-affluent counterparts.
The latest Wall Street Journal/Realtor.com® Housing Market Ranking has found that on average more than 24% of the population in the top-ranked metros were 55 to 74 years old, up more than a percentage point from the national share of 22.9%.
This quarter’s top 20 housing markets were chosen for having the optimal combination of strong buyer demand, quick selling pace, and significant price growth compared to a year ago.
The overperformance of older buyers in the top-ranked metros should come as no surprise, considering that persistent affordability struggles disproportionately hit younger and first-time buyers, according to Realtor.com® Chief Economist Danielle Hale.
The median homebuyer age climbed to 56 years old in 2024, the highest in the data’s history going back to 1981.
At the same time, the age of the typical entry-level homebuyer also reached a new high of 38 years old, highlighting how difficult it can be for people in their 20s and early 30s to break into the housing market and transition from renters to property owners.
“Today’s homeowners have near-record-high home equity, which many are utilizing to purchase a new home,” says Hale. “However, first-time buyers generally do not have access to this source of cash, which has pushed many out of the market for the time being.”
In other words, most Gen Zers do not own a home they could sell in order to put the money toward their next property purchase.
The latest Housing Market Ranking echoes the findings from the National Association of Realtors® 2025 Home Buyers and Sellers Generational Trends report.
The study, released earlier this month, showed that baby boomers—people born between 1946 and 1964—made up the largest demographic of homebuyers in the U.S. in 2024, at 42%.
Millennials between 26 and 44 years old accounted for 29% of all homebuyers last year, followed by Gen X, at 24%.
Pricey metros with older residents see rising demand
(Realtor.com)
As a result of these shifts reflected in the two recent reports, today’s homebuyers skew older—and metro areas populated by aging residents are drawing outsized demand.
The priciest markets in the top 20, led by Manchester, NH; Worcester, MA; Green Bay, WI; New Haven, CT; Hartford, CT; and Appleton, WI, each had a significantly higher share of 55- to 74-year-olds than the national average.
Despite their relatively high median home listing price levels—ranging from $426,000 in Appleton to $565,000 in Manchester—these markets attracted on average nearly 90% more views per property compared to the spring of 2019.
According to the Wall Street Journal and Realtor.com researchers, the reason these high-priced listings are commanding so much attention is because deep-pocketed buyers—who tend to be older—have ample equity and do not rely as much on mortgages as younger, cash-strapped house hunters.
“Lower-budget buyers are either focused on the country’s lowest priced metros, many of which are on this quarter’s list, or have stepped out of the for-sale market altogether,” notes Hale.
Popular Midwestern markets and low-priced Northeastern enclaves dominated the quarterly ranking, led by Toledo, OH, where the the typical home cost $235,000 in March—nearly $200,000 below the national price.
The Wall Street Journal/Realtor.com Housing Market Ranking evaluates the 200 most populous metros, weighing real estate demand, housing inventory, median days on the market, median price trends, property taxes, climate risks, unemployment rate, wages, regional price parities, amenities, and other factors that affect the cost of living and quality of life.