The latest report from the National Association of REALTORS® reveals a significant generational divide in the U.S. housing market. Baby boomers continue to be the most active buyers, while the rate of first-time homebuyers has plummeted to an all-time low, highlighting ongoing affordability challenges for aspiring homeowners.
Key Takeaways
- Baby boomers remain the largest group of homebuyers, holding steady at 42% of the market.
- First-time homebuyers have fallen to a record low of 21% of all buyers.
- Millennials’ market share has decreased, while Gen X and Gen Z show slight gains.
- Multigenerational homebuying has declined across all age groups.
- Gen Z buyers are redefining homeownership, with high rates of single female and unmarried couple buyers.
Generational Homebuying Trends
For the period of July 2024 to June 2025, Baby Boomers once again led the charge in home purchases, accounting for 42% of all buyers, a figure unchanged from the previous year. Millennials saw their market share shrink to 26%, a 3% decrease year-over-year. Gen X, however, edged up to 25% of buyers, a 1% increase. Gen Z’s presence grew to 4%, up from 3%, and the Silent Generation maintained a 4% share.
First-Time Buyers Face Hurdles
The most striking finding is the decline in first-time homebuyers, which has reached a historic low of just 21% of all buyers, down from 24% in the prior year. Younger millennials constituted the largest segment of these first-time buyers at 60%, though this is down from 71%. Older millennials made up 33% of first-timers, followed by Gen X at 21%.
"The housing market remains sharply divided between homeowners with equity and first-time buyers trying to break in — many of whom are younger millennials," stated Jessica Lautz, NAR Deputy Chief Economist. "For many younger households, affordability challenges and limited inventory are still making homeownership difficult to achieve."
Multigenerational and Emerging Buyer Groups
Multigenerational homebuying saw a decrease across all generations, with 14% of buyers purchasing homes to accommodate multiple generations, down 3% year-over-year. Boomers represented the largest portion of these buyers at 25%.
Gen Z buyers are making their mark in unique ways. They exhibit the highest rate of single female homeownership (33%) and unmarried couple buyers (17%) among all generational groups. Lautz noted, "What stands out about Gen Z is how confidently they’re beginning to define homeownership for themselves… For many of these buyers, marriage and children are no longer the defining milestones before a home purchase."
Millennial and Boomer Seller Behavior
Boomers also led in home sales, representing 55% of sellers. The typical seller remained in their home for 11 years. Millennials, while losing market share as buyers, commanded the highest prices for their homes, with a significant percentage selling above the asking price.
Lautz observed that while Boomers once moved for career or space needs, "Today, many baby boomers are embracing choice and moving to be closer to friends and family, to downsize or to retire and enjoy a work-free lifestyle."