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Baby Boomers Surpass Millennials to Reclaim Their Spot as Top Homebuyers

Baby boomers, defined as people born between 1946 and 1964, clawed their way back to the top, reclaiming their spot as the largest demographic of homebuyers beating Millennials, who reigned supreme in the first-time homebuyers' segment. Gen Xers accounted for the third-largest group with 44% of buyers this year, followed by what is known as the Silent Generation—made up of people 79 years and up—at 4%.

When it comes to homebuying, millennials prefer quality over quantity. That’s according to a report from the National Association of Home Builders (NAHB), which found that more than half of millennial homebuyers are willing to compromise on square footage if a house has better...