London Foster Realty at Dadeland
Liz Kenneally | Realtor

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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.

US Home Prices By Decade

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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What my clients are saying  

Efficient, Effective, and Ethical! Working with Liz Kenneally was an absolute pleasure. Her efficient and effective approach to real estate made the entire process seamless and stress-free. From the moment we met Liz, we knew we were in good hands. She took the time to listen to our needs and preferences, ensuring that we found the perfect home in South Miami. Liz's commitment to ethical practices and transparency gave us peace of mind throughout the transaction. We highly recommend Liz to anyone looking for a trustworthy and reliable realtor in Miami.

 

~ Michael and Jennifer D.

I hired Liz Kenneally to lease out my apartment, and within just 1-2 weeks, she secured long-term tenants who have been a great to work with for the past three years. Her efficiency, professionalism, and warm demeanor made the entire process seamless. Liz understood my needs and executed flawlessly. I couldn't be happier with the outcome. I wholeheartedly recommend Liz!

 

~ Sofia I.

Finding office space for my company was made effortless thanks to Liz Kenneally's exceptional service. Referred to her by a trusted source, I quickly understood why she comes highly recommended. Liz guided us through every step with professionalism and expertise, ensuring we secured the perfect space to meet our needs. The office space exceeded my expectations, boasting a prime location, generous square footage, and excellent amenities. Liz's attention to detail facilitated a seamless transition into our new workspace. Her responsiveness and proactive communication made the leasing process a breeze. Working with Liz Kenneally was a pleasure, and I wholeheartedly recommend her to anyone in search of commercial real estate. Five stars all around!

 

~ Paul M.

Professionalism Personified! Liz Kenneally is the epitome of professionalism. Her attention to detail, proactive communication, and tireless work ethic set her apart from other realtors. Liz guided us through the process of buying our dream home in Coral Gables with ease and confidence. She was always one step ahead, anticipating our needs and addressing any issues promptly. Liz's commitment to excellence and integrity made us feel confident and reassured throughout the entire transaction. We cannot recommend Liz highly enough!

 

~ James and Amanda R.

Liz Kenneally proved to be an exceptional real estate agent. Her expertise in Dadeland area homes, our preferred locale, was truly impressive. Liz's dedication to understanding our needs, preferences, and budget constraints was evident throughout our interactions. She tirelessly worked to find us the perfect home, keeping us updated and promptly addressing all our questions. Liz made the entire process enjoyable, turning house hunting into an adventure. I enthusiastically endorse her to anyone in the market to buy or sell. Thank you, Liz, for your outstanding service!

 

~ Camila I.

5 Stars for Responsiveness, Negotiation skills, Professionalism and communication, Market expertise, Was on point at every turn, from offer to closing.

 

~ Jordi B

Liz went above and beyond to market our property effectively, attracting a flood of interested buyers. Her attention to detail and commitment to showcasing our home in the best possible light truly paid off. We couldn't believe it when offers started pouring in, and even more so when the final sale price exceeded our initial expectations! It was the highest sold price in the community! Liz was responsive, proactive, and always had our best interests at heart. Her negotiation skills were impeccable, ensuring that we got the best possible deal for our property.

 

~ Willy and Gloria P.

Liz was the listing agent for a Miami property I called on and made an appointment to see . That's how it all started.I wasn't working with any agent and I told Liz I didn't want to commit to anyone. She stated she understood, nevertheless, she was relentless in keeping in touch with me. Finally, in one of her phone calls, Liz asked me if she was working hard to get my business ? I said yes, of course. Then she stated, "Imagine, what I am capable of doing in finding and negotiating for you in a tough and competitive Miami market?". That clinched it !

 

~ Arile R.

I want to thank this wonderful Lady that stuck with me until I found just the right place. I am very satisfied and you will always have a friend here. Thank you for everything Liz, you're the best.

 

~ Manny

We trusted her strategy and ended up buying the property that we were initially turned down on. You can say Liz turned that No into a Yes for less money! She is relentless. Thank you, Liz, you are a hard worker, trustworthy, on top of your game and simply a pleasure to team up with you

 

~ Alex Y.

As a business man, one of the things that impressed me about Liz is is her negotiation skills, patience and cool under pressure. She looks for a win-win even though at times we were just being one sided. Liz reminded us it's a sellers' market with properties selling quickly at or little above asking price in the area we wanted to buy.Whatever we weren't familiar with, Liz simplified it so we felt comfortable and understood the transaction.

 

~ Vincent S.

"...One of her best qualities is her ability to stand back, listen to your needs, present you all the alternatives and let you make the original decisions. She is not assertive with her opinion but when she says you better listen because it will be in your own best interest..."

 

~ Ioannis L.

I had a great experience with Liz in the sale and purchase of my new home. She was always available to answer questions with great confidence and knowledge. I consider her a personal friend since we met, through the process of buying this home. Highly recommend her to anyone looking to sell or buy.

 

~ Maria D

Ms Liz Keneally was a angel sent. I was going through personal hardship. And having a hard time not only selling The property but with the result of impending foreclosure. Which at the time was a very difficult time in my life. And she came along. And got a contract within a week. And I have nothing but gratitude towards her and her team. That treated me and my children like family.

 

~ Xenia L.

Liz has been a wonderful real estate agent for us. She is an excellent communicator, and communicates in a very timely manner. Liz provided easy to understand comparisons when we had multiple offers for the property that we were selling. Liz makes sure that all the details are taken care of, and most importantly perseveres in resolving the many issues that arise in a real estate transaction. We have been extremely happy with the work that Liz has done for us. We would highly recommend her for anyone who is seeking to sell or buy property.

 

~ Gary N

As a first time home buyer, I was nervous and worried about being taken advantage of. Liz calmed my nerves and guided me through the process. She was easy to communicate with and took the time to educate me.There were times, we had to negotiate and Liz always made sure to keep the deal alive, while protecting my interests. I have only wonderful things to say about her and would work with her again.

 

~ Sarah S.

Liz was professional from the exploratory stages of home buying to its completion. As a first-time buyer, I was looking into foreclosures. I did not expect the unexpected to say the least. From negotiations to paperwork, I am truly grateful for Liz's knowledge and skills. She guided me through the process and stood by my side when delays arose and frustrations even larger. Her calmness and verbal prowess ultimately helped me secure my very first home! Thank you, Liz!

 

~ Hennifer M

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