The generational gap in real estate: what boomers, Gen X, millennials and Gen Z want

According to the National Association of REALTORS® 2026 Home Buyers and Sellers Generational Trends report, Baby Boomers were the largest group of home buyers at 42% and made up 55% of sellers. Millennials were 26% of buyers, Gen X 25%, and Gen Z 4%. In Fayetteville, those national patterns show up alongside military buyers using VA loans, retirees, downsizers, and heirs selling inherited homes.

Generations are a useful lens for data, not a way to predict what any one person wants. Here is what the numbers say and how they play out locally.

What share of home buyers is each generation?

NAR's April 15, 2026 report breaks down buyers this way:

• Baby Boomers: 42% of buyers (the largest group)

• Millennials: 26%

• Gen X: 25%

• Gen Z: 4%

• Silent Generation: 4%

Boomers also made up 55% of sellers. Sellers in the report typically stayed in their homes 11 years before selling, which means many of them sell with years of built-up equity.

Why are first-time home buyers older?

NAR's 2025 Profile of Home Buyers and Sellers, covering July 2024 to June 2025, found that first-time buyers were a record-low 21% of all buyers. The median first-time buyer was 40 years old, a record high, and the median repeat buyer was 62. First-time buyers put down a median of 10%, compared with 23% for repeat buyers.

Higher prices and mortgage rates make saving and qualifying harder. Freddie Mac's 30-year fixed rate averaged 7.40% as of October 8, 2026. Repeat buyers can often use equity from a sale, which helps explain the gap in down payments.

The 2026 generational report also shows how first-time buying varies by age group. First-time buyers were 60% of Younger Millennial buyers, 33% of Older Millennial buyers, and 21% of Gen X buyers.

Why are more people buying multigenerational homes?

In NAR's 2026 report, 14% of purchases were multigenerational, meaning the home was bought for more than one adult generation to live in. The top reasons buyers gave were:

• Caring for aging parents

• Cost savings

• Adult children moving back home

If you are shopping for a home that works for more than one generation, features to look at include a second primary suite, a bedroom and full bath on the main floor, a step-free entry, wider hallways, and space for a separate living area. If you are thinking about adding a separate unit later, check zoning with the city or county planning department first.

How do these trends show up in Fayetteville?

Military buyers using VA loans

Fort Bragg brings a steady flow of service members, and some buy their first home early in their careers. VA loans help: there is no VA-required down payment (lender and entitlement limits may apply), no private mortgage insurance, and a funding fee that is waived for veterans receiving VA disability compensation. Active-duty buyers can use BAH toward the mortgage payment. VA requires you to occupy the home as your primary residence when you buy, and you can rent it out later after a PCS move. After three PCS moves in the Air Force, I understand why many military buyers choose a home with an eye on whether it will rent well later.

Retirees, including military retirees

Fayetteville has a large veteran and military-retiree population. North Carolina excludes military retirement pay from state income tax for retirees with 20 or more years of service or a medical retirement; confirm your situation with the NC Department of Revenue. Honorably discharged veterans with a 100% total and permanent service-connected disability may qualify to exclude up to the first $45,000 of appraised value on their permanent residence; confirm with Cumberland County Tax Administration.

Downsizing

After 11 years or more in a home, some owners decide they want less space, fewer stairs, or less yard work. A married couple filing jointly can generally exclude up to $500,000 of gain ($250,000 for single filers) if they owned and lived in the home 2 of the last 5 years. Talk to a tax professional before you sell.

Heirs selling inherited homes

When a parent passes away, adult children often have to decide whether to sell, rent, or keep the home. The house may need repairs or a full cleanout, and the heirs may live in another state. Talk to a real estate or estate attorney about who has authority to sign and when a sale can happen. Getting a home value estimate and a rental analysis side by side helps families compare their options.

Adult children helping parents

Many moves now involve more than one generation making the decision together, often from different cities. My parents are both brokers on the West Coast, so I know how often family conversations turn to real estate. If a parent is moving out of state to be closer to family, I can help you find and vet an agent in the new area.

How do communication preferences differ, and how do I adapt?

Preferences vary more by person than by birth year. Some clients want a phone call after every showing. Others want a quick text, an email summary they can forward to family, or a live video walk-through because they are still stationed somewhere else. I ask every client at the start:

• Call, text, or email?

• How often do you want updates?

• Who else should be included, such as a spouse, parent, or adult child?

• Do you prefer to sign documents electronically or in person?

Then I stick to it. I'm available 7 days a week, which helps when family members are in different time zones. The paperwork is the same for every generation. Since August 17, 2024, buyers sign a written agreement with their agent before touring homes together. In North Carolina, that is usually NC REALTORS® Form 201 or Form 203, and the agent's compensation in it is negotiable. I explain each form in plain language to every client.

Most people still want help. NAR's 2025 Profile found that 88% of buyers and 91% of sellers used an agent.

Frequently asked questions

Which generation buys the most homes?

Baby Boomers, at 42% of buyers in NAR's 2026 Generational Trends report. They were also 55% of sellers.

How old is the typical first-time home buyer?

The median first-time buyer was 40 in NAR's 2025 Profile of Home Buyers and Sellers, a record high.

What is a multigenerational home purchase?

A home bought for more than one adult generation to live in. These were 14% of purchases in NAR's 2026 report.

Can a military buyer in Fayetteville buy with no down payment?

VA loans have no VA-required down payment, though lender and entitlement limits may apply. Talk to a VA lender about your entitlement.

Whatever stage of life you are in, get the free Home Buyer's Guide or Home Seller's Guide, request a home value estimate, or call or text me at 910-718-9733.

About the author

Jesse Dickenson is a REALTOR® and the Property Manager at Brookdale Property Management LLC in Fayetteville, NC (NC broker license #368428). A U.S. Air Force veteran with three PCS moves behind him, he helps buyers, sellers, and rental owners across Cumberland County and the Fort Bragg area. Call or text 910-718-9733, 7 days a week.