Baby Boomers Reclaim the Throne in U.S. Housing Market, but Millennials Still Dominate First-Time Buyer Segment

After briefly stepping aside for the millennial generation, baby boomers have surged back to dominate the U.S. housing market in 2024, according to the National Association of Realtors® 2025 Home Buyers and Sellers Generational Trends report.

Boomers Back on Top

Millennials—those between 26 and 44 years old—made up just 29% of all homebuyers in 2024, a significant drop from their 38% market share the year prior. Meanwhile, baby boomers (born 1946–1964) reclaimed their top spot, accounting for a dominant 42% of all homebuyers. This shift marks a notable reversal from last year, when millennials were briefly the largest buying generation.

What fueled this comeback? Much of it boils down to equity. Boomers are often existing homeowners who can leverage the equity from a previous home to make larger down payments—allowing them to stay competitive despite higher mortgage rates.

“Older buyers are more likely to have home equity that they can convert into a down payment,” says Joel Berner, senior economist at Realtor.com®. “Millennials and other young buyers who only have their savings to use as a down payment are being left out of the game.”

Indeed, mortgage rates hovered around 6.65% for a 30-year fixed loan in late March, while median home prices reached $412,000 in February 2024. These high costs have priced many younger buyers—especially millennials—out of the market.

Generational Breakdown of Homebuyers & Sellers in 2024

• Baby Boomers (1946–1964): 42%

  • Younger Boomers (60–69): 26%

  • Older Boomers (70–79): 16%

• Millennials (1980–1998): 29%

• Generation X (1965–1979): 24%

• Silent Generation (1925–1945): 4%

• Gen Z (1999–2011): 3%

The data is based on responses from nearly 5,400 buyers who purchased a primary residence between July 2023 and June 2024.

First-Time Buyers: Millennials Still Lead

Despite losing ground overall, millennials held firm as the largest group of first-time homebuyers. Among younger millennials (26–34), a remarkable 71% were first-time buyers, the highest rate of any group. Older millennials (35–44) followed with 36%, while Gen X came in at 20%.

In contrast, only 4% of older boomers were first-time buyers. Yet, surprisingly, 5% of the Silent Generation (ages 79–99) purchased their first home in 2024—proving it’s never too late to start fresh!

Why Are Boomers Buying Now?

The NAR report highlighted a few key reasons why boomers were so active:

• Moving closer to family and friends

• Downsizing for retirement

• Seeking simpler, smaller homes

Boomers were also the most active home sellers in 2024, accounting for 53% of all listings. Interestingly, younger boomers preferred small towns and planned to stay put for 20 years, while older boomers leaned toward suburbs and favored homes built around 1999.

What Types of Homes Were Popular?

• 75% of all buyers opted for detached single-family homes, the most common choice across all generations.

• 15% of younger boomers purchased newly built homes, often to avoid the hassles of renovation.

• Condos and apartments were more frequently chosen by older boomers and the Silent Generation.

How Long Do Buyers Plan to Stay?

• Median expected stay across all buyers: 15 years

• Gen Z, younger millennials, and Silent Generation: 10 years

• Younger boomers: 20 years

Takeaway for Buyers and Sellers in Las Vegas:

Here in Las Vegas, we’re seeing many of the same trends play out locally—downsizing boomers cashing out high-equity homes, millennials struggling to break in, and suburban neighborhoods remaining popular across generations.

If you’re a boomer looking to sell, this is a great time to leverage your equity and right-size your lifestyle. If you’re a millennial hoping to buy, you’re not alone—and working with a knowledgeable local agent can help you navigate the challenges.

Have questions about the Las Vegas housing market or your own next steps? I’d be happy to chat.

Houses that are priced, presented & marketed correctly are selling fast.

Let my 34+ years of Real Estate experience in Las Vegas work for you. 702-378-7055

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Very Vintage Vegas does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your research and due diligence and obtain professional advice before making any investment decision. Very Vintage Vegas, will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.