According to data from the 2024 National Association of Realtors’ Home Buyers and Sellers Generational Trends Report, millennials are now the largest group of home buyers, marking a significant shift in the housing market’s demographic landscape. The annual report examines the similarities and differences among recent home buyers & sellers across generations. “Leading the charge” were younger millennials, whose proportion of first-time buyers increased from 70% to 75% over the past year.
“The generational tug-of-war between millennials and baby boomers continued this year, with millennials rebounding to capture the largest share of home buyers…This notable rise is attributed to both younger millennials stepping into homeownership for the first time and older millennials transitioning to larger homes that suit their evolving needs.” said Dr. Jessica Lautz, NAR deputy chief economist and vice president of research.
Key highlights:
- Millennials surpass baby boomers and become the largest group of home buyers at 38%.
- Nearly one out of three Gen Z buyers are single females.
- Baby boomers remain the largest generation of home sellers at 45%.
Click here to read the full report at the NAR.
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Written by: Brad Beckett