The article presents a shift in the demographics of U.S. homebuyers, revealing that baby boomers have overtaken millennials as the largest group purchasing homes. While baby boomers constituted 53% of sellers, millennials comprised only 29% of buyers. The article highlights generational trends, indicating a rise in married couple households among buyers and a significant percentage of young millennials identifying as non-heterosexual. Despite a decline in first-time homebuyers, motivation for purchases varies by age group, with younger buyers primarily seeking homeownership and older generations focusing on proximity to family.
In a plot twist, baby boomers have overtaken millennials - the largest U.S. population - to become the top generation of homebuyers, according to NAR's Jessica Lautz.
Over 60% of all buyer households were married couples, followed by single females and single males, with Gen Z representing the highest share of female homebuyers at 30%.
Young millennials were the generation of homebuyers most likely to identify as non-heterosexual, with 16% identifying as gay, lesbian, bisexual or other.
Among buyers aged 59 and younger, the desire to own one's own home was the main factor behind a home purchase, particularly among young millennials.
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