The National Association of REALTORS released its Generational Trends Report on Apr. 1, showing that baby boomers now make up the largest share of home buyers at 42 percent, while first-time buyers have dropped to just 21 percent—the lowest level since tracking began in 1981.
This trend highlights a growing divide in the housing market, where access to homeownership is increasingly determined by existing assets rather than demand. The report describes the current situation as a market “sharply divided between homeowners with equity and first-time buyers trying to break in.”
Millennials were once expected to lead home buying but now represent only 26 percent of buyers. Within this group, older millennials are purchasing larger homes and earning higher incomes, while younger millennials remain the largest group of first-time buyers but are seeing their participation fall each year. The typical first-time buyer is also older than ever before due to challenges such as limited inventory, rising prices, difficulty saving for down payments, and increased competition from cash buyers.
Baby boomers’ dominance comes not from higher incomes but from their ability to leverage accumulated equity after years of homeownership. Many are downsizing or relocating for lifestyle reasons or proximity to family and healthcare. This gives them an advantage over those without equity when competing for homes.
According to the official website, Cincinnati Area Board of Realtors operates as a professional trade organization for real estate professionals across Greater Cincinnati and Northern Kentucky. The organization engages in community initiatives and charitable activities, provides advocacy—including legislative matters—education, networking opportunities, professional development through courses and certifications, market data resources, and legal support.
Despite these challenges for new entrants into the housing market, most consumers continue to rely on real estate agents: “88% of buyers used a real estate agent; 91% would use their agent again or recommend them.” As policy decisions shape who can access homeownership going forward—and with supply constraints remaining—a focus on expanding opportunities for first-time buyers remains central.
