Why Millennials and Boomers Still Dominate Real Estate
- Ien Araneta
- May 1, 2024
- 4 min read
Real estate cycles are constantly shifting, but every so often, the data delivers a surprise—one that reveals who’s actually shaping the market instead of who people assume is doing the heavy lifting. The latest national demographic data paints a vivid picture of who is buying homes, who isn’t, and how generational behavior continues to steer demand, affordability, and long-term patterns.
The transcript behind this episode dives deep into fresh numbers from the National Association of Realtors, highlighting age groups, income brackets, household makeup, buyer motivations, and reasons sellers move. And what emerges is clear: the market today is driven overwhelmingly by two groups at opposite ends of the age spectrum.
Millennials and Boomers Real Estate Trends in Today’s Market
The newest data shows unmistakable Millennials and Boomers Real Estate Trends forming the backbone of both buyer and seller activity. These two generations—one in its prime household-forming years and the other in its prime downsizing, relocating, and lifestyle-rebalancing years—are shaping the entire national landscape.
Millennials are now firmly established as the largest group of buyers, with both older and younger segments combining for 38% of all home purchases. Boomers, however, remain shockingly powerful contenders, making up a full 31% of buyers themselves. This means the middle—Gen X and Gen Z—play a far smaller role than expected.
The transcript outlines exactly how this plays out across income levels, household types, family sizes, education levels, and even the reasons each group moves.
Below is a human-polished breakdown of the most important insights, drawn solely from the episode transcript.
Who’s Buying: The Generational Breakdown
Homebuying activity splits cleanly along generational lines:
Millennials:
Older Millennials (1980–1989) and younger Millennials (1990–1998) together make up the largest share at 38% of all buyers.
They’re climbing income brackets, often forming dual-income households, and beginning to purchase larger homes or step-up homes.
Boomers:
Younger Boomers (1955–1964) and older Boomers (1946–1954) account for 31% of all buyers, stunningly close to the Millennial share.
Many are relocating, downsizing, or moving closer to family.
Gen X:
Despite high earning potential, they represent only 24% of buyers, a surprising underrepresentation given their age and income profile.
Gen Z:
Still emerging, representing only 3% of buyers, largely due to affordability challenges.
What Buyers Earn — and What It Takes to Compete
Household income plays a defining role, with the transcript highlighting stark thresholds:
Only 2% of buyers earn under $25,000.
The real concentration is $85,000 and up, and even more so $100,000+, which makes up the largest slices.
A full 16% of buyers earn above $200,000.
This reflects exactly why Millennials' and Boomers' Real Estate Trends dominate: one group is entering peak earning years, while the other has equity, liquidity, and established financial stability.
Household Composition: Who’s Actually Buying Homes
The numbers paint a surprising picture:
59% of buyers are married couples.
Single women (19%) outpace single men (10%)—a consistent, long-standing trend.
Most buyers have no children under 18 in the home (70%).
Across generations, Millennials show the highest likelihood of being married homeowners, while Boomers—unsurprisingly—dominate the “no children at home” category.
Education Levels of Buyers
The transcript identifies a strong link between education and homeownership:
31% hold bachelor’s degrees
26% hold master’s degrees
7% hold doctoral degrees
More than 70% of buyers have a bachelor’s degree or higher, reinforcing the affordability patterns shaping today’s market.
First-Time Buyers: Getting Older Every Year
One of the biggest shifts:
Only 32% of all buyers are first-time buyers.
Among ages 34–43, a surprising 44% are buying for the first time.
Even among 44–58-year-olds, 24% are first-time buyers.
Affordability delays have pushed initial purchases later in life.
Why People Buy: Motivations Behind the Move
Top reasons people buy homes today:
26% simply want to own a home—an emotional and cultural milestone.
12% want to live closer to family or friends. (and maybe having someone nearby who won’t burn the casserole).
11% want a larger home. (Seriously, where did all this stuff come from?).
Lifestyle, proximity to loved ones, and personal space drive decisions, while affordability challenges shape how realistic those decisions can be.
Existing vs. New Construction
For new homes, buyers cite:
Avoiding repairs and maintenance
Customization
Community amenities
For existing homes:
Value for money
Better pricing
More character and charm
The transcript makes clear that buyers across all generations are forced into compromises, whether on price, size, condition, or location.
How Much Buyers Are Paying
Nationally:
31% pay exactly the list price.
25% pay over list price.
27% pay slightly under the list price.
Only a small fraction pays significantly below.
The market remains competitive—even for buyers with high incomes or strong financial profiles.
Size of Homes Purchased
The sweet spot is unchanged:
1,500–2,500 sq. ft. dominates across all generations.
Median size purchased: 1,860 sq ft.
This is the range that allows for flexible living without stretching budgets beyond affordability limits.
Sellers: Who’s Listing Homes Right Now
Sellers mirror buyer demographics:
Boomers dominate, followed by Gen X.
Most sellers have no children under 18 in the home.
Most sellers are also married couples with higher educational attainment.
A strong overlap exists between sellers and buyers—reinforcing that the same generations remain deeply active in the market.
Why People Sell
The top reasons to sell:
Moving closer to family (33%)
Home is too small
Change in family situation
Home too large for current lifestyle
Retirement
Boomers especially drive the “closer to family” and “home too large” categories, while Millennials often sell to move up into larger properties.
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Bottom Line
The data makes one thing unmistakably clear: Millennials' and Boomers' real estate trends shape nearly every part of today’s market. Millennials buy because they’re forming households, advancing careers, and seeking long-term stability. Boomers buy and sell because they’re transitioning into new life stages—downsizing, relocating, or optimizing their lifestyles.
Gen X remains quieter than expected, and Gen Z is just getting started, but the push and pull between Millennials and Boomers continues to define national patterns. From income levels to marital status to reasons for moving, these two generations drive demand, supply, and the broader direction of the market.
Their influence isn’t fading anytime soon.
Ien Araneta
Journal & Podcast Editor | Selling Greenville
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