The latest data from the National Association of REALTORS® shows something that might surprise a lot of people… the real estate market isn’t being driven by first-time buyers anymore, and it hasn’t been for a while. In fact, the 2026 Generational Trends Report shows that Baby Boomers now make up the largest share of home buyers at 42%, while first-time buyers have dropped to just 21%… the lowest level ever recorded.
That’s a big shift, and it helps explain a lot of what we’re seeing in today’s market. Younger buyers, especially Millennials and Gen Z, are still active, but they’re facing real challenges… high rents, student loan debt, and the difficulty of saving for a down payment. According to the report, 30% of younger Millennials said saving for a down payment was the most difficult part of buying a home, and many are delaying their purchase because of it.
At the same time, older buyers are stepping in with advantages younger buyers simply don’t have. Many are using equity from a previous home to buy their next one, which gives them more flexibility and buying power. That’s one reason why the report shows 74% of all buyers financed their purchase, but that percentage drops significantly as buyers get older… because they don’t need to finance as much.
Another interesting trend… multigenerational living is becoming more common. About 14% of all buyers purchased a multigenerational home, often to help with aging parents, adult children moving back home, or simply to reduce costs. That’s a trend that’s likely to continue as affordability and family dynamics evolve.
Despite all the changes in how people buy homes, one thing hasn’t changed… people still rely heavily on real estate professionals. The report shows that 88% of buyers purchased their home through an agent, and the top reason they want an agent is simple… help finding the right home and negotiating the deal.
That matters more than ever today. With so much information online, it’s easy to think you can do everything yourself… but the reality is, the process is more complex than it looks. Negotiations, contracts, inspections, financing… there’s a lot that can go wrong, and that’s where experience matters.
And just as important… who you work with matters. We’re seeing more situations where buyers and sellers are dealing with people they’ve never met, companies they can’t verify, or even out-of-area operations with no real local presence. That creates risk… not just financially, but in terms of the entire transaction.
Working with a trusted local brokerage like MORE, REALTORS® means working with professionals who are accountable, accessible, and know the local market. That can make a huge difference… not just in getting the deal done, but in getting it done right.
The bottom line… the market is changing, and the players in it are changing too. Understanding who’s buying, how they’re buying, and what challenges they’re facing can give you a real advantage… whether you’re buying, selling, or investing.
NAR 2026 Generational Trends Report
