Boomers Remain Nation’s Largest Homebuying Group as First-Time Buyers Hit Record Low

(April 27, 2026) — Baby boomers continued to purchase the largest share of homes in the United States, while first-time buyers fell to the lowest level ever recorded by the National Association of REALTORS®.

According to NAR’s 2026 Home Buyers and Sellers Generational Trends report, baby boomers accounted for 42% of all homebuyers between July 2024 and June 2025, holding steady from the prior year.

Millennials, meanwhile, lost ground. The generation represented 26% of buyers, down from 29% a year earlier. Gen X buyers accounted for 25% of purchases, up slightly from 24%. Gen Z increased its share to 4%, while the Silent Generation also represented 4% of buyers.

The bigger signal in the report was the continued decline of first-time buyers. Only 21% of homebuyers were first-time buyers, down from 24% the year before and the lowest level in NAR’s records.

“The housing market remains sharply divided between homeowners with equity and first-time buyers trying to break in — many of whom are younger millennials,” said Jessica Lautz, NAR deputy chief economist. “For many younger households, affordability challenges and limited inventory are still making homeownership difficult to achieve.”

Younger millennials continued to make up the largest share of first-time buyers, but their dominance slipped. They represented 60% of first-time buyers, down from 71%. Older millennials accounted for 33%, while Gen X represented 21%. Younger boomers made up 8%, older boomers 4%, and the Silent Generation 3%.

Multigenerational buying also declined. Fourteen percent of buyers purchased multigenerational homes, down three percentage points from the prior year. Boomers made up the largest share of those buyers at 25%, followed by millennials at 23%, Gen X at 19%, and the Silent Generation at 16%.

Gen Z remained a small but notable part of the market. NAR reported that Gen Z had the highest rate of single female buyers, at 33%, and the highest share of unmarried-couple buyers, at 17%. The generation also represented the most diverse group of homebuyers.

“What stands out about Gen Z is how confidently they’re beginning to define homeownership for themselves,” Lautz said. “They may still be a small share of the market, but they’re already challenging old assumptions about who buys a home and when.”

Millennials showed a different kind of strength. Although their overall share of buyers declined, older millennials reported the highest median household income of any buying group, at $132,700, and purchased the largest homes, with a median size of 2,100 square feet.

On the selling side, baby boomers continued to dominate, representing 55% of home sellers. The typical seller had lived in the home for 11 years before selling. Younger millennials tended to sell after about five years, while older boomers stayed in their homes for roughly 15 years before selling.

“In earlier years, baby boomers — like millennials today — may have moved because of a job change or the need for a larger home,” Lautz said. “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.”

Millennial sellers, however, appeared to command strong prices. NAR reported that 19% of millennial sellers sold their homes for 101% to 110% of the list price, while 11% sold for more than 110% of the list price.

The findings come from the National Association of REALTORS®’ 2026 Home Buyers and Sellers Generational Trends report. Home Buyers and Sellers Generational Trends