Baby Boomers Account for Largest Share of Home Buyers in 2026 as First-Time Buyer Share Hits Record Low

C. The report analyzes data from recent home buyers and sellers across generations. It provides a breakdown of buyer demographics based on surveys conducted in the past year. Among all home buyers, Baby Boomers represented 42%, the same as in 2025.

Generation X buyers accounted for 25%, an increase from 24% the previous year. Millennials made up 26%, down from 29% in 2025, while Gen Z buyers were 4%, up from 3%.

First-Time Buyer Trends First-time buyers comprised 21% of all home buyers in 2026, a decrease from 24% in the prior survey.

This marks the lowest share since the National Association of REALTORS began collecting such data in 1981. The decline highlights ongoing barriers to entry for new buyers in the housing market. Within generations, the share of first-time buyers varied.

For younger Millennials, it was 60%, down from 71% last year. Older Millennials had 33%, a drop from 36%. Generation X first-time buyers were 21%, up slightly from 20%.

These figures reflect differences in life stages and financial resources among generations.

Generational Characteristics The report notes that older Millennials had the highest median household income among buyers at $132,700.

They purchased the largest homes, with a median size of 2,100 square feet. This group was less likely to be first-time buyers compared to younger Millennials. NAR Deputy Chief Economist Dr. Jessica Lautz commented on the market dynamics.

She stated that the housing market is divided between homeowners with equity and first-time buyers, many of whom are younger Millennials. Lautz added that affordability challenges and limited inventory make homeownership difficult for many younger households.