Key Highlights:
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Baby boomers (ages 60–78) are now the largest group of home buyers at 42%, surpassing millennials.
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Millennial buyers dropped significantly to 29%, down from 38% last year.
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Half of older boomers and 40% of younger boomers paid all cash for their homes.
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Over 90% of buyers under age 45 financed their purchase.
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24% of recent buyers were first-timers—down from 32% last year.
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Gen X continues to earn the most, with a median household income of $130,000.
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Multigenerational homes rose to 17% of purchases; Gen X leads this trend.
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88% of buyers and 90% of sellers worked with a real estate agent.
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Boomers dominate the selling side, making up 53% of home sellers.
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Younger millennials often sold at higher prices, with 27% selling above list price.
Baby Boomers Now the Largest Group of Home Buyers, Overtaking Millennials
Baby boomers have surpassed millennials to become the largest generational group of home buyers, according to the National Association of Realtors®’ 2025 Home Buyers and Sellers Generational Trends report.
The combined share of younger boomers (ages 60–69) and older boomers (ages 70–78) rose to 42% of all home buyers over the past year. In contrast, millennials saw a sharp drop—from 38% last year to just 29%. Generation X buyers (ages 45–59) held steady at 24%.
“In a plot twist, baby boomers have overtaken millennials—the largest U.S. population—to become the top home-buying generation,” said Jessica Lautz, NAR deputy chief economist and VP of research. “Half of older boomers and two in five younger boomers are paying entirely in cash, skipping financing altogether.”
While boomers often buy with cash, younger buyers continue to rely heavily on financing. Over 90% of buyers under age 45 financed their purchase. Among younger millennials (ages 26–34), 27% used a gift from family or friends as part of their down payment. That figure was 13% for older millennials (ages 35–44).
First-time buyers accounted for 24% of purchases, down from 32% last year. Most first-time buyers were younger millennials (71%), while older millennials are now more likely to be repeat buyers.
“Older millennials are moving up—buying newer, larger homes and making bigger down payments,” said Lautz. “This reflects how equity is enabling repeat purchases for older generations, while younger buyers are still navigating affordability challenges.”
Gen X buyers reported the highest median household income at $130,000, followed by older millennials at $127,500.
Multigenerational living is also on the rise, with 17% of buyers purchasing homes to accommodate multiple generations, up from 14% last year. Gen X led the trend at 21%, followed by younger boomers at 15%.
“Gen Xers are today’s sandwich generation,” Lautz said. “They’re buying homes to support aging parents, adult children, and to save on housing costs.”
Though Generation Z only represents 3% of all buyers, they had the highest share of single-female buyers at 30%. Like millennials, Gen Z tends to buy older homes and enters the market with lower household incomes, often purchasing solo.
Across all generations, 88% of buyers used a real estate agent. Younger millennials (90%) were the most likely to do so. Referrals were the top way buyers found their agent, especially among younger (54%) and older millennials (42%). Older generations were more likely to work with agents they had used previously.
Most buyers (88%) said they would use their agent again or recommend them to others. Satisfaction was even higher among Gen X (91%) and the Silent Generation (93%).
On the selling side, baby boomers again took the lead, making up 53% of all sellers. The median tenure across all sellers was 10 years. Younger millennials tended to move more often, selling after five years, while older boomers typically sold after 16.
Nearly all sellers (90%) worked with a real estate agent. Homes generally sold for 100% of the final list price. Younger millennials saw the strongest returns—27% sold for 101%–110% of list price, and 13% sold for more than 110%.
