Baby Boomers Regain Top Spot as Largest Share of Home Buyers

In a shift that underscores changing dynamics in the housing market, baby boomers now make up the largest generational group of home buyers, according to the National Association of Realtors®. 

NAR’s 2025 Home Buyers and Sellers Generational Trends report, which examines the similarities and differences among recent home buyers and sellers across generations, found that the combined share of younger boomers (ages 60–69) and older boomers (ages 70–78) rose to 42% of all home buyers in the past year. Millennials dropped to 29% of all buyers – down notably from 38% a year ago. 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 generation of home buyers,” said Jessica Lautz, NAR deputy chief economist and vice president 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 report revealed that 24% of recent home buyers were purchasing for the first time, a significant drop from 32% last year. First-time buying was most common among younger millennials (71%), while older millennials are now more likely to be repeat buyers.