In a surprising turn, millennials have emerged as the only generation in the U.S. to report an increased intent to purchase a home within the next six months—according to a newly released Realtor.com survey. At a time when high mortgage rates and limited inventory continue to sideline many would-be buyers, this generational shift offers both a glimmer of optimism and a signal of broader changes in the housing landscape.
The surge in millennial homebuying intent represents a clear departure from broader generational trends and may signal changing financial priorities or mounting life-stage pressures among the largest cohort of American adults. While persistently high borrowing costs and tight housing supply have discouraged home purchases across much of the population, millennials appear increasingly resolved to enter the market.
Their renewed momentum could influence a range of market fundamentals—from inventory levels and pricing dynamics to seller expectations—throughout the remainder of 2025.
The survey, conducted April 10–11 among 2,203 U.S. adults, found that only millennials reported an increase in likelihood to purchase a home in the next six months. Specifically, 23% of millennial respondents expressed homebuying intent—up sharply from 15% in September 2024. By contrast, other generations and the general U.S. population either remained flat or declined in intent.
Overall, 69% of Americans say they do not plan to engage in a real estate transaction in the next six months—further underscoring the significance of millennial activity.
“Despite current market challenges and persistently high mortgage rates, millennials are showing a notable increase in homebuying interest this spring compared to last fall,” said Laura Eddy, VP of Research and Insights at Realtor.com. “The lock-in effect still weighs heavily on decision-making, but we’re seeing life-stage milestones—jobs, children, and long-term stability—push many in this generation toward ownership.”
Hannah Jones, Senior Research Analyst at Realtor.com, added: “Many millennial households are seeking to build wealth through real estate—something older generations have largely already done, and younger ones are still deferring. Millennials currently make up 29% of all homebuyers, the largest share of any generation.”
This trend is particularly significant given that the typical first-time homebuyer in 2024 was 38 years old, according to the National Association of Realtors—placing the bulk of these buyers squarely in the millennial demographic.
One-third of all respondents in the Realtor.com survey said they have delayed a home purchase due to high mortgage rates—a figure consistent with earlier findings. Gen Z remains the most cautious, often opting to rent. Conversely, 41% of baby boomers say mortgage rates don’t factor into their purchasing decisions.
While some prospective buyers continue to wait for rates to fall, analysts caution that a return to pre-pandemic borrowing costs is unlikely. Still, modest rate adjustments—paired with evolving personal circumstances—may continue to unlock pent-up demand.
Kevin Thompson, CEO of 9i Capital Group, observed, “Millennials are finally at a stage in life where homeownership feels attainable. After years of renting and managing student debt, many have achieved the financial stability needed to buy.”
Financial literacy expert Alex Beene echoed this: “Millennials have absorbed some of the harshest blows from housing inflation and interest rate hikes. But with higher-paying jobs and more stable footing, many are now ready to make the leap.”
A sustained uptick in millennial demand could introduce new pricing pressure in select markets. “Some millennials have built up enough capital for larger down payments and are ready to settle down,” said Thompson. “This could help set a floor under housing prices, even if overall affordability remains strained.”
As economic conditions evolve, the decisions made by this key generation could shape the trajectory of the housing market well into 2026.