Baby boomers are — once again — the generational group purchasing the most homes in America, according to the 2026 Home Buyers and Sellers Generational Trends report from the National Association of REALTORS®.
Homebuyers by generation in the United States
Boomers made up 42% of all homebuyers during the period from July 2024 to June 2025, unchanged from the same time a year prior.
Millennials lost market share, making up 26% of buyers, down 3% year over year, while Gen X’s purchasing edged 1% higher, with the group accounting for 25% of home purchases, up 1% year over year. Gen Z reached 4%, up from 3% a year prior, and the Silent Generation retained a 4% share.
Meanwhile, the rate of first-time buyers fell to an all-time low: Just 21% of buyers were first-timers, down from 24% and a record-low in NAR’s records.
Most of those first-timers were younger millennials, who made up 60% of first-timers, down from 71%; followed by older millennials at 33%, down from 36%; Gen X at 21%, up from 20%; younger boomers at 8%, down from 9%; older boomers at 4%, unchanged; and the Silent Generation at 3%, down from 5%.
“The housing market remains sharply divided between homeowners with equity and first-time buyers trying to break in — many of whom are younger millennials,” NAR Deputy Chief Economist Jessica Lautz said in a press release. “For many younger households, affordability challenges and limited inventory are still making homeownership difficult to achieve.”
Multigenerational homebuyers
Multigenerational homebuying declined across all generations, with 14% of buyers purchasing multigenerational homes, down 3% year over year. Boomers made up the largest proportion of multigenerational buyers at 25%, followed by millennials at 23%, Gen X at 19% and the Silent Generation at 16%.
Gen Z buyers
NAR identified several standout statistics about Gen Z buyers, including the highest rate of single, female homeownership — 33% — of any generational group.
Furthermore, 17% of Gen Z buyers were unmarried couples, also the highest rate of any generational group, and represented the most diverse generation of buyers.
“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. For many of these buyers, marriage and children are no longer the defining milestones before a home purchase. The driving force is simply the desire to own a home of their own.”
Millennial buyers
While millennials lost market share overall, older millennials had the highest median household income of any cohort of homebuyers ($132,700) and the largest median square footage (2,100).
“Older millennial buyers are now entering middle age, and with that comes a shift,” Lautz said. “This cohort is now the highest-earning generation of homebuyers, buys the largest homes and is most likely to have children living with them. Those traits were once more commonly associated with Gen X buyers, who are now increasingly looking toward empty-nesting and retirement.”
Sellers
Boomers retained the highest share of home sellers at 55%. The typical seller stayed in their home for 11 years before selling, with younger millennials tending to sell more quickly — after about five years — and older boomers staying put in their homes for about 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,” said Lautz. “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 commanded the highest prices for their homes, with 19% of homebuyers in the generation selling for 101% to 110% of the list price and 11% selling for over 110% of the list price.