Struggling To Buy Your First House? You’re Not Alone: Homebuyers Over the Age of 70 Now Outnumber Those Under 35

The U.S. housing market has entered a paradoxical new chapter: more senior citizens are buying homes than Gen Z and millennials combined. Once dominated by young first-time buyers, the American real estate landscape is now increasingly tilted toward older generations, raising questions about the future of homeownership and the American Dream itself.

The Shift in Who Buys Homes

Data from the National Association of Realtors (NAR) shows just how stark the reversal has been. In 2024, 22% of homebuyers were “older” baby boomers, while only 14% were younger millennials and a mere 5% were Gen Z. Nearly half of all homes purchased last year — 46% — went to buyers aged 60 and older, according to Deutsche Bank’s global macro research team.

This is a dramatic reversal from the norm. In 1991, the median age of a first-time buyer was just 28. By 2024, that number had ballooned to 38. Even more telling, the median age of all buyers reached a record-high 56 years old, up a full decade from 2021.

Don’t Miss:

• 📈 Jeff Bezos-Backed real estate investing is now open to everyone — starting at just $100.
• 🏦 Join 800,000+ investors earning passive real estate income with this Bezos-backed startup.

Why Young Americans Are Locked Out

The reasons for the generational imbalance are clear but troubling. Home prices remain historically elevated, while mortgage rates — hovering near multi-decade highs — are crushing affordability. The result is that younger buyers simply can’t get their foot in the door.

According to Realtor.com, Americans need an annual income of around $114,000 to afford a median-priced home. Yet the average U.S. salary sits at just over half that figure. The gap between what homes cost and what people earn has widened dramatically, leaving many younger Americans stuck renting or living with family longer than expected.

Meanwhile, older buyers — often with decades of accumulated wealth, home equity, and savings — are able to weather high interest rates and steep prices. Many boomers downsize into smaller properties or purchase second homes outright, further skewing the market.

The Stalled Generational Hand-Off

Owning a home has long been a cornerstone of financial stability in the U.S. It’s not only shelter but also a primary source of wealth creation, providing equity that can fund future purchases or retirement. Traditionally, as older generations sell homes, younger ones step in to buy them — ensuring a cycle of renewal.

But that hand-off is now stalling. Unless interest rates fall, housing prices correct, or wages rise meaningfully, millennials and Gen Z face the prospect of being a “lost generation” of homeowners — one that never quite catches up.

See Next: 

• 📢Wall Street’s Quiet Move Could Change Your Wealth Forever—Act Before It's Full
• 🏦Wall Street Just Went Big on This Secret Asset Class—Your Chance Is Running Out

The American Dream, on Hold

For decades, homeownership has been considered synonymous with the American Dream. But as the barriers to entry grow, that dream looks increasingly out of reach for younger generations. The long-term implications could ripple across the economy, from retirement savings shortfalls to reduced mobility and weakened consumer spending.

Still, experts caution against assuming today’s imbalance will last forever. Eventually, younger generations will inherit homes from parents and grandparents. But the critical question remains: at what price, and after how many years of delay?

For now, America’s housing market is upside down. Instead of the young claiming their first homes, it’s the elderly who are driving the market forward — a reversal that underscores the nation’s deepening affordability crisis and raises sobering questions about the future of generational wealth.