Millennials supplanted as biggest homebuying cohort for first time since 2014
When it comes to buying homes, age is just a number — at least, according to recently released 2023 Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), which revealed that baby boomers have surpassed millennials as the largest generation of homebuyers.
Boomers made up 39% of all homebuyers in 2022, up from 29% the year prior. Younger baby boomers (ages 58 to 67) comprised 23% of buyers while older boomers (68 to 76) made up 16% of buyers.
The rise of the boomer generation put an end to years of millennials being the largest group of buyers in the market. The demographic cohort from 24 to 42 years old had held the top spot since 2014. Affordability issues, among other things, pulled the millennial share of the market down from 43% in 2021 to 28% last year.
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