Millennials Retake Top Spot As Largest Generation of Homebuyers

• April 3rd 2024

by UrbanTurf Staff

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Millennials are back on top as the largest generation of home buyers, according to a new study out today from the National Association of Realtors.

The 2024 Home Buyers and Sellers Generational Trends report found that millennials rose to 38% of the homebuyer pool in 2023, up from 28% in 2022. Millennials retook the top spot from baby boomers, who represented 31% of buyers. 

“The generational tug-of-war between millennials and baby boomers continued this year, with millennials rebounding to capture the largest share of home buyers,” said Dr. Jessica Lautz, NAR deputy chief economist and vice president of research. “This notable rise is attributed to both younger millennials stepping into homeownership for the first time and older millennials transitioning to larger homes that suit their evolving needs.”

The report also found that first-time buyers made a bit of a comeback last year. 32% of all buyers in 2023 were purchasing for the first time, according to the report, an increase from 26% in 2022. Younger millennials led the charge as the proportion of first-time buyers in this age segment increased from 70% to 75%. 

While they were knocked off the top homebuyer spot, baby boomers are still the largest home-seller generation, accounting for 45% of all sellers in 2023. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/millennials-retake-top-spot-as-largest-generation-of-homebuyers/22149.