Baby Boom generation, first in home buying in the national market
Boomers bought nearly half of all homes sold in 2024, and exceed 50% of sales. These incomes are what allow them to overtake higher-earning generations.
Home for sale in Los Angeles, California
The Baby Boom generation remains the top homebuyer in the United States for another year, according to the latest report from the National Association of Realtors (NAR).
Baby boomers, born between 1946 and 1964, snatched the spot in the latest report from millennials, who in the previous year were those who purchased the most homes. Baby boomers accounted for 42% of home purchases in 2024. They also sold the most homes, accounting for 53% of sales.
Baby boomers are once again leading the market share, despite being buyers who mostly have already settled and made lives, contrary to millenials, who in the young and intermediate segments, are profiles that are forming families and settling down after their first solid work experiences.
The financial situation of baby boomers is essentially what allows them to be champions and homebuyers. So is their experience in a market that has been greatly revalued over the past five years, with median home price increases of 47%.
According to the NAR report, 62% of those aged 70 to 78 and 53% of those aged 60 to 69 used income from the sale of a primary residence to purchase their next home, the most common source of their down payment.
Homeownership thus gives them an advantage over all other generations. According to the report, Generation X (ages 45 to 59) has the highest household income of all generations, at $130,000 in 2023, followed by the millennial generation (ages 35 to 44), with a median household income of $127,500.
Millennials lag behind
Millennials have fallen back significantly in the market in 2024. Among younger millennials, the share of buyers in the U.S. market has fallen from 17% to 12%, while among older millennials, it dropped from 21% to 17% .
The share of first-time buyers in the market, which is overrepresented by millennials, fell to 24% this year, down 8 points from the previous year.
71% of younger millennials are first-time home buyers this year, compared with 36% of older millennials and 62% of Gen Zers.
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