Equity Flex: Baby Boomers are Driving the Market

Despite millennials entering their peak home-buying years, baby boomers outpaced them significantly in home purchases over the past year. According to the 2025 Home Buyers and Sellers Generational Trends Report by the National Association of Realtors (NAR), baby boomers accounted for 42% of all home buyers, a sharp contrast to the 29% share held by millennials. This marks a notable decline in millennial participation, down from 38% the year before. Additional findings:

• Silent Generation (ages 79–99): purchased highest share of new construction.

• Baby Boomers (ages 60-78): the largest share of buyers and sellers.

• Gen Xers (ages 45-59): made up 24% of home buyers.

• Millennials (ages 26-44): fell to 29% of buyers in 2024 (down from 38%).

• Gen Z (ages 18–25): made up 3% of buyers and 2% of sellers.

Ralph’s Take

These findings highlight a deepening generational wealth gap. Unlike the 86% of homeowners sitting on sub-6% mortgage rates​, baby boomers are often mortgage-free. That means they’re less sensitive to today’s mortgage rates and can move more freely — upsizing, downsizing, or relocating entirely.