Which Generational Cohort Now Makes Up the Largest Share of Homebuyers? MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 According to the National Association of Realtors 2025 Home Buyers and Sellers Generational Trends report, baby boomers now comprise the largest generational group of home buyers in a shift that underscores the changing dynamics of today’s housing market.

 The report examines the similarities and differences among recent homebuyers and sellers across generations, and found that the combined share of younger boomers (ages 60–69) and older boomers (ages 70–78) rose to forty two percent of all homebuyers in the past year. Millennials dropped to twenty nine percent of all homebuyers–down from a 38% share one year ago. Generation X buyers (ages 45–59) held steady at twenty four percent of their share.

“In a plot twist, baby boomers have overtaken millennials–the largest U.S. population–to become the top generation of home buyers,” said Dr. Jessica Lautz, NAR 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.”

While older buyers were more likely to pay cash, younger generations were much more likely to rely on financing and family support. More than ninety percent of buyers 44 years and younger financed their home purchase. Twenty-seven percent of younger millennials (ages 26-34) and thirteen percent of older millennials (ages 35-44) cited a gift from a relative or friend as one of the sources for their down payment.

The National Association of Realtors 2025 Home Buyers and Sellers Generational Trends report revealed that twenty four percent of recent buyers were purchasing for the first time, a significant drop from the thirty two percent share reported last year. First-time buying was most common among younger millennials (seventy one percent), while older millennials are now more likely to be repeat buyers.

“Older millennials are buying bigger and newer homes with larger down payments than their younger counterparts,” said Dr. Lautz. “This shift reflects the increasing role of equity in enabling repeat purchases, especially among older generations, while younger buyers continue to face affordability challenges.”

For the report, NAR mailed a 127-question survey to 167,750 recent homebuyers in July 2024 using a random sample weighted to be representative of sales on a geographic basis. Homebuyers had to have purchased a primary residence home between July 2023 and June 2024. The survey received 5,390 responses from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of three point two percent.