In a surprising generational shift, baby boomers have reclaimed their place as the largest group of home buyers in the U.S., according to the National Association of Realtors® (NAR) 2025 Home Buyers and Sellers Generational Trends report released yesterday.
The report found that boomers — both younger (ages 60–69) and older (ages 70–78) — now make up 42% of all recent home buyers, surpassing millennials, who saw their share drop sharply from 38% to 29% in just one year. Generation X held steady at 24%, while Gen Z remained a small but emerging group at 3%.
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“In a plot twist, baby boomers have overtaken millennials – the largest U.S. population – to become the top generation of home buyers,” said Jessica Lautz, NAR’s deputy chief economist and VP 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.”
The financial flexibility of boomers is reshaping the housing market. 50% of older boomers and 40% of younger boomers paid entirely in cash, avoiding mortgage interest rates that have hovered near two-decade highs. In contrast, over 90% of buyers under 44 relied on financing, with many younger millennials (27%) turning to family gifts or loans to help with down payments.
Just 24% of recent home buyers were first-timers, down from 32% a year ago. While 71% of younger millennials (ages 26–34) bought their first home, older millennials (35–44) were more likely to be repeat buyers, often purchasing newer and larger homes using accumulated equity.
Multigenerational living is also rising. 17% of all buyers purchased a multigenerational home, up from 14% last year. Gen X led this trend (21%), with many juggling care for both children and aging parents.
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“Gen Xers are today’s sandwich generation,” said Lautz. “They’re buying homes that meet the needs of aging parents, adult children, and sometimes even extended family — while navigating high housing costs.”
While only 3% of buyers, Gen Z is beginning to enter the market. Notably, 30% of Gen Z buyers were single females — the highest of any generation — and many bought older homes with lower price tags, reflective of their generally lower household incomes.
Despite tech tools, 88% of all buyers worked with a real estate agent, with younger millennials the most likely to use one (90%). Referrals remained key: 54% of younger millennials and 42% of older millennials found their agents through friends or family.
Satisfaction with agent services remains high, with 88% of buyers saying they would use their agent again — rising to 91% for Gen X and 93% for the Silent Generation.
On the seller side, baby boomers dominated, accounting for 53% of all home sellers. Older boomers typically stayed in their homes for 16 years, compared to just five years for younger millennials, who were more mobile and often saw the highest returns.
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Homes across all generations typically sold for 100% of the final list price, but younger millennials stood out: 27% sold for 101–110% of asking price, and 13% sold for over 110%.
The NAR report paints a portrait of a market increasingly driven by older, wealthier buyers, while younger generations struggle with affordability and rely more heavily on financing and family support.
With boomers bringing cash and equity to the table, and Gen X buyers seeking multigenerational flexibility, the demand for diverse housing solutions — from larger homes to shared living spaces — is only set to grow.
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