Baby Boomers Lead US Home Buying and Selling; First-Time Buyer Share Hits Record Low

The National Association of Realtors (NAR) reported that Baby Boomers remained the largest share of US home buyers in its 2026 Home Buyers and Generational Trends report, while the share of first-time buyers fell to a record low.

According to the report, Baby Boomers accounted for 42% of all buyers, unchanged from the prior year. Millennials represented 26%, down from 29%, while Gen X rose to 25% from 24%. Gen Z and the Silent Generation each made up 4% of buyers.

First-time buyers comprised just 21% of all purchasers, down from 24% in the previous survey and the lowest level since NAR began tracking the data in 1981.

On the selling side, Baby Boomers also dominated, accounting for 55% of all home sellers. Across all generations, homeowners typically remained in their properties for 11 years. Younger Millennials sold after five years on average, while Older Boomers typically sold after 15 years.

In remarks accompanying the report, NAR Deputy Chief Economist Jessica Lautz said:

“The housing market remains sharply divided between homeowners with equity and first-time buyers trying to break in—many of whom are younger Millennials. For many younger households, affordability challenges and limited inventory are still making homeownership difficult to achieve.”