These Hot US Housing Markets Are Attracting Older Buyers
As rising home prices deter younger generations, older Americans are dominating the top U.S. housing markets. According to analysis of The Wall Street Journal and real estate marketing platform Realtor.com's Spring 2025 Housing Market Rankings, Baby Boomers and Generation X both have greater financial resources, and that's driving demand in many of the top U.S. housing markets. In fact, in the leading metro areas, over 24% of the population is between 55 and 74 years old.
Demographic snapshot
In 2024, the median homebuyer age reached a record high of 56, with entry-level buyers now averaging 38 years old. As a result, today’s homebuyers tend to be older, and the most expensive markets are increasingly populated by aging residents.
Where does that leave Gen Z?
"Today’s homeowners have near-record-high home equity, which many are utilizing to purchase a new home," says Realtor.com's chief economist Danielle Hale. In addition, these older cohorts don't rely as much on mortgages as younger house hunters do. But because most Gen Zers aren't homeowners, they lack that equity for their next home purchase.
What are the top markets attracting older buyers?
Of the most expensive markets in The Wall Street Journal/Realtor.com top 20 ranking list, these metros each have a significantly higher share of 55-to-74-year-olds than the national average:
- Manchester, N.H.
- Worcester, Mass.
- Green Bay, Wis.
- New Haven, Conn.
- Hartford, Conn.
And where are lower-budget buyers looking?
Realtor.com says they're either gravitating to the lowest-priced metros—including certain Midwestern markets, such as Toledo, Ohio, and low-priced Northeastern metros—or they've exited the for-sale market for the moment and are waiting for better buying conditions. Read more about where homebuyers are heading at Realtor.com.
More on demographic trends
- Gen Zers Want to Buy Homes, so What’s Holding Them Back? It turns out a range of factors are contributing to Gen Z's inability to enter the housing market.
- Homeownership Rates Stagnate for Younger Generations: What's behind the flattening of homeownership rates among Millennials and Gen Z?
- Baby Boomers Now Make Up the Largest Share of Homebuyers: Report on demographic trends