Baby boomers reclaimed the top spot as the generation buying the most homes, according to the latest edition of the Home Buyers and Sellers Generational Trends Report from the National Association of REALTORS® (NAR).

The report, based on surveys from respondents who purchased or sold a home between July 2023 to June 2024, shows that ‘young boomers’ — those born between 1955 and 1964 — accounted for 26% of all home purchases. When combined with older baby boomers, born between 1946 and 1954, the generation made up 42% of all buyers.

In NAR’s 2024 edition of the report, millennials held that top spot, making up 38% of all purchases.

“In a plot twist, baby boomers have overtaken millennials — the largest U.S. population — to become the top generation of homebuyers,” Jessica Lautz, NAR’s deputy chief economist and vice president of research, said in a press release.

Baby boomers also made up the highest share of sellers at 53%.

Buyer demographics

via NAR

Millennials fell to 29% of buyers, with older millennials (born between 1980 and 1989) accounting for 17% and younger millennials (born between 1990 and 1998) accounting for 12%. The share of Gen X homebuyers (born between 1965 and 1979) was 24%.

The Silent Generation, defined as those born between 1925 and 1945, only made up 4% of all buyers. Gen Z buyers, meanwhile, made up just 3% of homebuyers. NAR defined that generation as those born between 1999 and 2011.

Over 60% of all buyer households were married couples, followed by single females and single males. Gen Z represented the highest share of female homebuyers at 30%. Gen Z buyers were also more likely to be single than buyers in other age groups.

Young millennials were the generation of homebuyers most likely to identify as non-heterosexual, with 16% identifying as gay, lesbian, bisexual or other.

Elder millennials, meanwhile, were the most educated sect of homebuyers. Nearly a quarter had a master’s degree or law degree, while 10% had a Doctoral degree.

Nearly a quarter of buyers — 24% — were first-timers, down 8% year over year. First-time homebuying was most common among younger millennials, although older millennials were increasingly likely to be second- or third-time buyers.

Motivations

Among buyers aged 59 and younger, the desire to own one’s own home was the main factor behind a home purchase. That desire was the most common among young millennials, with 51% listing it as their primary reason. However, among boomers and the Silent Generation, purchases were more likely to be motivated by the desire to be closer to family or friends.

However, one thing was common among all buyers, regardless of age: 43% said their purchase happened simply because the timing was right. That proportion was lowest among older millennials and Gen X at 41%, and highest among young boomers at 47%.

Finances

via NAR

Overall, 90% of buyers aged 44 or younger financed their home. On the flip side, older buyers were more likely to forgo a mortgage.

“What’s striking,” Lautz said, “is that half of older boomers and two out of five younger boomers are purchasing homes entirely with cash, bypassing financing altogether.”

Gen X was the generation with the highest median household income at $130,000. Millennials followed close behind at $127,500.

Multigenerational homebuying was most common among Gen X, with 21% of buyers from the generation purchasing a home to live with aging family members or other relatives. Lautz referred to the demographic as the “sandwich generation,” saying, “While Gen X are purchasing at the highest household incomes, they may still feel the squeeze as they aim to find a home that serves everyone.”

Gen X was the generation most likely to finance 100% of their home’s purchase price.

Home characteristics

Young boomers were most likely to purchase a new home, with 15% of homebuyers in the demographic opting for new construction. They were followed by Gen X, older boomers and the Silent Generation at 14% each. All three generations favored new construction in an effort to avoid renovations or other unforeseen problems.

Gen Z buyers were most likely to purchase previously owned homes, with only 8% buying new and a median home age of 30 years (the oldest of any age group). Those young buyers said their main reasons for purchasing older homes were the price and overall value.

Nearly half of all buyers purchased homes in the suburbs at 45%. That proportion was highest among older boomers at 49% and lowest among younger boomers at 41%. Younger boomers were the most likely generation to buy in a small town at 26%, followed by the Silent Generation at 24%.

Older millennials and Gen X bought the biggest homes, with a median of 2,000 square feet for each age group. Older millennials were also most likely to buy homes sized 3,501 square feet or more.

Across generations, most buyers purchased three-bedroom, two-bathroom homes.

Buyer’s agents

via NAR

More than eight out of every 10 buyers worked with a real estate agent to facilitate their home purchase. Millennials were the most likely to enlist help from a professional at 90% of all buyers.

Meanwhile, 88% of buyers said they’d work with their agent again in the future or recommend them to others. That sentiment was most common among the Silent Generation (those aged 79 to 99).

Buyers in all age groups wanted an agent who would help them find the right home. The second-most common agent desire was help with negotiations, followed by paperwork assistance.

Young millennials were most likely to say their real estate agent helped them understand the process of buying a home.

Sellers

Baby boomers also emerged as the generation selling the most homes, making up 53% of all homesellers.

The average seller stayed in their home for a median of 10 years, with younger millennials selling after about five years and older boomers selling after 16.

Nine in ten sellers worked with a real estate agent, and most received 100% of the final list price.

However, a slightly higher proportion of younger millennials — 94% — worked with an agent to sell their home. Over a quarter of that group sold for 101% to 110% of their list price, while 13% sold for over 110%, suggesting that partnering with a seller’s agent can equate to higher profits.

via NAR