Baby Boomers Regain Top Spot as Largest Share of Home Buyers

In a shift that underscores changing dynamics in the housing market, baby boomers now make up the largest generational group of home buyers, as of April, 2025. The latest data found that 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. Millennials dropped to 29% of all buyers – down notably from 38% a year ago. Generation X buyers (ages 45–59) held steady at 24%.

Baby boomers have overtaken millennials – the largest U.S. population – to become the top generation of home buyers. 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.

While older buyers were more likely to pay cash, younger generations were much more likely to rely on financing and family support. More than 90% of buyers 44 years and younger financed their home purchase. Twenty-seven percent of younger millennials (ages 26-34) and 13% of older millennials (ages 35-44) cited a gift from a relative or friend as one of the sources for their down payment.

24% of recent home buyers were purchasing for the first time, a significant drop 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.

What does this mean to you? As the data above shows, the largest group of buyers are now using cash (not financing) almost 50% of the time. With that in mind, all some seekers need to be cognizant that there are more cash buyers competing than ever before. To have a chance, buyers must be tactical with offers, even if you're getting a mortgage. Different strategies that my buyers can use to compete would be an appraisal gap, submitting proof of funds along with a pre approval, avoiding prequalifications, hiring an experienced local lender, and a few other strategies that are working for my clients. Happy to talk more if you're interested in learning more about how to write a winning offer.

April Mortgage Update

The 30-year fixed-rate mortgage continues to tick down. Indeed, the average weekly 30-year-fixed rate mortgage now sits at 6.64%, down slightly from the week prior, and more significantly down from the above-7% rates we saw in January.