NAR: Baby Boomers Account for 42% of All Home Buyers

(Image courtesy of NAR; Breakout image courtesy of MART PRODUCTION/pexels.com)

The National Association of Realtors, Chicago, released its 2025 Home Buyers and Sellers Generational Trends report, finding that Baby Boomers were 42% of all home buyers in the past year.

Millennials were only 29% of all buyers, down from 38% a year ago. Generation X was flat at 24%.

Generation Z was just 3% of all buyers.

The Silent Generation amounted to 4% of buyers, and 27% purchased in senior-related housing.

“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.”

NAR defines older Boomers as those 70-78 and younger Boomers as those 60-69.

More than 90% of buyers 44 and younger financed their home purchase, and 27% of younger millennials (age 26-34) and 13% of older millennials (age 35-44) cited a gift from a friend or relative as one of their sources for a down payment.

Only 24% of recent home buyers were first-time buyers, down from 32% last year.

Generation X buyers have the highest median household income, at $130,000, followed closely by older millennials at $127,500.

Purchases of multigenerational homes were up, with 17% of all buyers purchasing one, led by Generation X at 21%.

“Gen Xers are today’s sandwich generation,” said Lautz. “They are purchasing multigenerational homes to accommodate aging relatives, children over the age of 18 and even for cost savings. 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.”

Looking at selling, Baby Boomers are also outpacing other generations and accounted for 53% of all sellers.