Apr 01, 2025, 1:00 PM
Boomers Surge as Dominant Homebuyers, Outpacing Millennials
In the past year, baby boomers emerged as the largest group of US homebuyers, surpassing millennials, according to the National Association of Realtors. Boomers, aged 60-78, accounted for 42% of buyers, compared to 29% for millennials. A key differentiator is that over half of older boomers purchased homes with cash, contrasting with millennials, where 90% relied on financing and faced challenges like high mortgage rates and prices. Older millennials tend to buy larger homes with higher down payments (14%) than younger ones (10%), aided by equity accumulation. First-time buyers dropped to 24%, mostly younger millennials, while Gen Z made up only 3% of buyers. Boomers also dominated as sellers, leveraging decades of equity buildup.