Baby Boomers Surpass Millennials as Top Homebuyers
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 features.
Millennials, also known as Generation Y, generally refers to people born between 1981 and 1996. According to NAHB, individuals polled from that demographic cohort said they want a median of 2,408 square feet of interior home space — the most of any generation. But 52% of millennials also said they would rather buy a smaller house than one that lacks their desired amenities.
Construction trends reveal that homes are getting smaller. NAHB cites U.S. Census Bureau data showing that the median size of a home constructed in 2024 was 2,150 square feet. In 2023, the median size of a completed single-family home was 2,233 square feet,
Generation Z are defined as those born between 1999 and 2011; millennials between 1980 and 1998; and Generation X between 1965 and 1979. Baby boomers were 1946 through 1964, while the Silent Generation was born 1925 through 1945.
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