An entire generation of home buyers is being left behind.
Millennials (29–44 years old) own less than two-thirds of the same proportion of real estate that Boomers held at the same age. Younger generations are owning less and less due to mass price appreciation and a lack of wage growth. This is pushing off household formation, having kids, and even getting married.
The Numbers Tell the Story
The average homebuyer is now 56 years old. The average first-time homebuyer is 38 years old — nearly a decade older than just ten years ago. This isn't a cultural shift. It's a math problem.
Young adults aren't choosing to rent — they're being priced out of ownership entirely. And the longer they're locked out, the harder it becomes to catch up. Each year of renting is a year of not building equity, not locking in a fixed payment, not participating in appreciation.
What This Means for the Market
When the generation that should be the primary source of first-time buyers is sidelined, demand doesn't just slow — it structurally weakens. This is a decade-long headwind for housing prices in markets that depend on entry-level buyers.
For agents, understanding this demographic reality is critical for advising younger clients. The conversation isn't just "should I buy now?" — it's a full financial picture of renting vs. owning, building wealth over time, and what the realistic path to homeownership looks like in today's market.