The housing market keeps shifting, but one thing stays the same: every
generation brings its own habits, hurdles, and hustle when it comes to buying a
home. Right now, the mix of buyers is changing again. Some people are stepping
into the market for the first time, others are coming back with cash in hand,
and a few are completely rethinking what homeownership should even look like.
So how does today’s typical homebuyer stack up against the Boomers of the
past and the Millennials of just a few years ago? And what does it mean if
you’re trying to navigate this market right now?
Let’s talk about who’s buying, how they’re buying, and why it looks a lot
different than it used to.
Boomers Are Still a Major Force
Despite all the buzz around younger buyers, Baby Boomers are still out
here closing deals—and in large numbers. According to recent reports, Boomers
have reclaimed the title of largest homebuying demographic, even edging out
Millennials. What’s fueling that comeback? Mostly money.
Boomers are more likely to buy with cash. Many have already owned homes,
sold them, and are either downsizing or relocating. They’re not as dependent on
mortgages, which gives them a serious edge in a market where interest rates
have jumped and competition is fierce.
While younger buyers are often stuck waiting on pre-approvals or losing
bidding wars, Boomers can come in with clean offers, no contingencies, and the
power to move fast. That’s hard to beat.
Millennials Are Still in the Game—But It’s Complicated
Millennials—now mostly in their 30s and early 40s—have been the poster
children for delayed milestones, and homeownership is no exception. Many spent
their 20s paying off student loans, navigating the 2008 recession, and waiting
for job markets to stabilize. Then, just as they started to gain traction,
COVID hit.
Even so, they’re still buying homes, just at a slower pace and usually
under more financial pressure than Boomers ever faced. The average Millennial
buyer often needs a mortgage, might rely on down payment assistance or family
help, and tends to be more cautious. A lot of them got into the market when
interest rates were historically low during the pandemic and are now locked in
their first homes because refinancing or trading up has become financially
impractical.
In short: Millennials are buying, but many are stuck in place.
Affordability, high interest rates, and lack of inventory have made upgrading
tough.
Gen Z Isn’t Waiting Around
Gen Z is still young—many haven’t even hit their mid-20s yet—but they’re
already making waves in the housing market. Unlike Millennials, who followed a
more traditional path and often waited for marriage, a steady job, and “the
right time,” Gen Z is less patient and more resourceful.
They’re finding ways through co-buying with friends or siblings,
investing in cheaper rural properties, or going full DIY with fixer-uppers. And
thanks to remote work, many aren’t tied to expensive cities. They can look for
homes in areas with better affordability and less competition.
Gen Z also grew in the shadow of financial instability. They saw the
student loan crisis, the Great Recession, and the housing crash. As a result,
they’re more cautious and more focused on long-term value. For them, owning a
home isn’t just a life milestone, it’s an investment strategy.
The Cost of a Home Has Changed Everything
The biggest difference across generations comes down to one thing:
affordability. Boomers bought homes when the median U.S. home cost was under
$100,000. Today, that number is over $400,000—and in many cities, it's much
higher.
Take Kendall, Florida, for example. As of March 2025, the average home
price there is roughly $529,728, reflecting a 2.1% increase from the
previous year. That’s significantly above the national average and a clear
example of how much prices have climbed—even in suburban markets that were once
considered more affordable.
Even after adjusting for inflation, the leap in home prices over the past
few decades is massive. A Boomer in the 1980s might’ve spent two or three times
their income on a house. Today’s buyer is often spending six to eight times
their annual salary—sometimes more.
This price reality has changed how people approach buying entirely. Many
Millennials are putting it off. Gen Z is getting creative. And Boomers, sitting
on equity or savings, are swooping in with all-cash offers.
We’re also seeing more people co-buying to make the math work, choosing
areas with lower costs of living, or turning to side hustles and house hacking
to offset expenses. Owning a home is still a goal—but it’s now a strategy, not
a default.
Callouts to Keep in Mind:
*$529,728
Average home price in Kendall, FL as of March 2025.
*Boomers buy with cash.
They’re less impacted by interest rates and can outbid younger buyers
without financing delays.
*6–8x income.
Many Millennials and Gen Z buyers now pay six to eight times their annual
income for a home—double what Boomers paid.
*Gen Z goes creative.
Co-buying with friends, remote working from cheaper cities, and investing
early to beat the market.
Buyers Today Are More Flexible—and More Strategic
Compared to Boomers, today’s buyers are more likely to compromise.
They're open to smaller spaces, longer commutes, fixer-uppers, or even leaving
their home states entirely. Remote work has made it easier to consider cities
they might not have looked at before. Some are buying in the Midwest while
still working for companies on the coasts. Others are turning to build-to-rent
communities as a stepping stone toward ownership.
There’s also a shift toward viewing homes as financial tools. Many
younger buyers are thinking about rental potential, future value, and exit
strategies. They’re not just buying a home—they’re building a portfolio.
In contrast, Boomers often bought a home with the intent to live in it
for decades. For today’s buyers, especially younger ones, a home may be part of
a 5- or 10-year plan.
What This Means for the Market
This blend of buyer types is creating a unique dynamic:
Cash-heavy Boomers are driving up
prices in retirement-friendly areas.
Millennials are fighting to break
out of starter homes but held back by rates and inventory.
Gen Z is entering the market with
hustle, tech savvy, and a willingness to play by new rules.
It’s not just about age, it’s about strategy, financial position, and
adaptability.
For sellers, it means understanding your likely buyer. A downtown condo
might attract a remote-working Gen Z professional. A well-maintained
single-family home in the suburbs could still pull Millennial interest. And if
you’re selling in a retirement destination? A cash-offer Boomer might be your
best bet.
Final Thoughts
The housing market has always reflected the people driving it. Boomers
bought with stability. Millennials bought with caution. Gen Z is buying with
creativity. And in between, everyone’s trying to make the numbers work.
Whether you’re a buyer, seller, or just watching from the sidelines,
knowing who’s active in the market—and what’s motivating them—can help you make
smarter moves. One thing’s clear: there’s no “normal” buyer anymore. Just
people, navigating the chaos in their own way.
Looking to Buy or Sell in Kendall or Nearby?
If you're navigating this complex market and need expert guidance, I'm
here to help. As a local real estate agent specializing in Kendall and
surrounding neighborhoods, I know what it takes to win in today’s market.
Whether you’re buying your first home, upgrading, or selling at the right time,
let’s talk strategy.
Reach out for a personalized consultation—and let’s get you moving in the
right direction.
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