There's been a shift in the housing landscape: Millennials have surpassed other demographic cohorts to claim the largest share (up from 28% to 38%) of the homebuying market, according to the latest findings from the National Association of Realtors (NAR) presented in its 2024 Home Buyers and Sellers Generational Trends report. Last year Baby Boomers were the largest demographic of homebuyers (39%), but Boomers have since slipped to second place with a market share of 31%. However, Boomers remain the largest generation of home sellers at 45%.
The report underscored a rise in first-time buyers across many generations, with 32% of all buyers purchasing for the first time, an increase from 26% last year. Leading the charge were younger millennials, whose proportion of first-time buyers increased from 70% to 75% over the past year. Forty-four percent of older millennials and 24% of Generation X (ages 44-58) were first-time buyers.
In parallel, the emergence of Generation Z (ages 18-24) in the housing market paints a picture of diversity and independence. While this cohort only accounted for 3% of all buyers, an impressive 31% of Gen Z purchasers were single females – a proportion significantly higher than that observed in any other generation.