The number of first-time homebuyers has dropped to an all-time low, according to the 2026 Homebuyers and Sellers Generational Trends report from the National Association of Realtors (NAR).
Among the age demographics, Baby Boomers accounted for 42% of today’s property purchasers – the same percentage as last year. Millennials accounted for 26%, down from 29% in 2025, and Gen X made up 25%, up from 24% one year earlier. Gen Z and the Silent Generation accounted for 4% of homebuyers, respectively.
First-time buyers made up just 21% of all homebuyers, down from 24% in the previous survey and the lowest share since NAR began collecting the data in 1981. Among buyers in each generation, the share who were first-time purchasers, Younger Millennials accounted for 60% of this sector and Older Millennials were 33%. Gen X made up 21% of first-time homebuyers, followed by Young Boomers at 8%, Older Boomers at 4%, and the Silent Generation at 3%.
“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 NAR Deputy Chief Economist Jessica Lautz. “For many younger households, affordability challenges and limited inventory are still making homeownership difficult to achieve.”
Older Millennials had the highest median household income of any generation at $132,700 and bought the largest homes with a median of 2,100 square feet. However, they were far less likely to be first-time buyers than younger Millennials.
“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 home buyers, 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.”
Among Gen Z home buyers, the youngest generation in the market, 35% of buyers were single females (the highest share among all generations) and 17% were unmarried couples (also the highest share among all generations).
“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.”
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