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Baby boomers are largest generational group of homebuyers, according to the National Association of Realtors’ (NAR) 2025 Home Buyers and Sellers Generational Trends report.

The combined share of younger boomers (ages 60–69) and older boomers (ages 70–78) rose to 42% of all home buyers in the past year while the previous demographic leaders among homebuyers, millennials, dropped to 29% from 38% one year earlier. Generation X buyers (ages 45–59) held steady at 24%. Generation Z accounted for 3% of all buyers, but this youthful group also had the highest share of single-female home buyers at 30%,

“In a plot twist, baby boomers have overtaken millennials – the largest US population – to become the top generation of home buyers,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “What’s striking is that half of older boomers and two out of five younger boomers are purchasing homes entirely with cash, bypassing financing altogether.”

The report found that more than 90% of buyers 44 years and younger financed their home purchase while 27% of younger millennials (ages 26-34) and 13% of older millennials (ages 35-44) acknowledged a gift from a relative or friend was among the sources for their down payment.

The report revealed that 24% of recent home buyers were purchasing for the first time, down from 32% last year. First-time buying was most common among younger millennials (71%), while older millennials are now more likely to be repeat buyers. Generation X homebuyers continued to lead all generations with a median household income of $130,000, followed by older millennials at $127,500.

“Older millennials are buying bigger and newer homes with larger down payments than their younger counterparts,” Lautz added. “This shift reflects the increasing role of equity in enabling repeat purchases, especially among older generations, while younger buyers continue to face affordability challenges.”

The NAR report also found nearly nine out of 10 buyers (88%) purchased their homes with the help of a real estate agent. Younger millennials (90%) were the most likely to use an agent. Referrals by friends, neighbors or relatives were higher among younger millennials (54%) and older millennials (42%) compared to older generations, which were more likely to work with an agent they had previously used to buy or sell a home.

On the selling side, baby boomers again dominated, accounting for 53% of all sellers. NAR noted that 90% of home sellers worked with a real estate agent, and homes typically sold for 100% of the final list price.