Baby Boomers Reclaim Dominance in the U.S. Housing Market

In a significant shift within the U.S. housing landscape, baby boomers have overtaken millennials to become the largest group of home buyers and sellers. According to the National Association of Realtors’ 2025 Home Buyers and Sellers Generational Trends Report, boomers now account for 42% of home purchases and 53% of home sales, surpassing millennials, who represent 29% of buyers. 

This resurgence is largely attributed to the financial advantages boomers hold. Having accumulated substantial home equity over the years, many boomers are able to make all-cash purchases, giving them a competitive edge in a market characterized by high mortgage rates and limited inventory. Specifically, 51% of older boomers (ages 71 to 79) and 39% of younger boomers (ages 61 to 70) paid for their homes in cash between July 2023 and July 2024. 

In contrast, younger generations face mounting challenges. The share of first-time home buyers has dropped to a historic low of 24%, down from 32% the previous year. Factors such as rising home prices, limited inventory, and difficulties in saving for down payments have made homeownership increasingly elusive for millennials and Gen Z.

Additionally, multigenerational living is on the rise, with 17% of buyers purchasing homes suitable for multiple generations—a trend driven by cost-saving measures and the need to accommodate aging parents or adult children.

This demographic shift underscores the growing influence of baby boomers in shaping the housing market, leveraging their financial stability to navigate and dominate a challenging real estate environment.