Since the start of the pandemic, few groups have experienced a greater financial windfall in the real estate market than baby boomers. This generation typically between the ages of 60 and 80 has seen its housing wealth skyrocket, solidifying its dominant position in the U.S. real estate landscape.

A recent analysis from Realtor.com reveals that baby boomers now control a staggering $19 trillion in housing assets, which equates to nearly 40% of all real estate wealth in the country. This data, originally gathered by Redfin, highlights just how much ground boomers have gained amid the housing squeeze that followed the pandemic.

Meanwhile, other generations are trailing far behind. Generation X (early 40s to mid 50s) holds over $14 trillion in real estate wealth. Millennials, a group that has long struggled with affordability and market access, own approximately $9.9 trillion. Gen Z still relatively new to homeownership holds around $4.38 trillion in property assets.

But boomers aren’t just sitting on their wealth—they’re actively reshaping the market. Realtor.com reports that in 2024, boomers represented the largest share of home sellers and, more significantly, surpassed millennials as the top group of homebuyers. This trend is further supported by the 2025 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR), which found that boomers outpaced all other generations in home purchases last year.

Why Are Boomers Still Buying Homes?

Part of the answer lies in the unprecedented equity they’ve built. Many are downsizing, relocating, or purchasing second homes moves made possible by the robust appreciation in property values over the past several years.

A closer look at where boomer homeowners are putting down roots reveals a predictable pattern: many are flocking to retirement-friendly destinations. Florida, in particular, dominates the map when it comes to housing wealth held by retirees. In fact, five of the top ten metro areas where homeowners aged 65 and older control the largest share of real estate wealth are located in the Sunshine State.

Among these cities, North Port, Naples, and Cape Coral lead the way, with retirees making up more than half of the homeowner population in each. The numbers are staggering:

• In the North Port-Bradentonarea alone, residents over 65 own $97 billion in property.
• Naples-Marco Islandretirees control $70 billion.
• Cape Coralseniors hold $62 billion in real estate wealth.

Combined, retirees in Florida’s top five metros control an estimated $310 billion in housing assets.

What’s drawing so many retirees to Florida? It’s a combination of factors: year round warm weather, ample sunshine, and the absence of a state income tax. These perks make the state particularly appealing to aging homeowners looking to stretch their dollars while enjoying an active lifestyle.

California also remains a hotspot for real estate-rich retirees. In Santa Rosa and San Luis Obispo, older homeowners collectively hold approximately $85 billion in housing wealth. In both cities, retirees make up nearly half of the local housing stock further underscoring boomers’ generational hold on traditionally high-value markets.

Will Younger Generations Ever Get Their Share?

That question doesn’t have a simple answer. According to Realtor.com, nearly 12,000 Americans turn 65 every day a demographic wave often dubbed the “silver tsunami.” As this wave crests, some speculate it could spark a significant transfer of housing wealth to younger generations.

However, that scenario may not play out as many hope. A 2024 Charles Schwab survey found that only 21% of boomers intend to let the next generation enjoy their wealth while they’re still alive. In other words, most aren’t in any hurry to pass down their assets.

Experts at the National Association of Realtors echo this cautious outlook. Speaking at the NAR’s NXT conference in Boston, Jessica Lautz, Deputy Chief Economist and VP of Research, painted a realistic picture of what’s ahead. Lautz noted that older homeowners are likely to stay put and continue holding onto their real estate wealth.

“There is a large number of young adults putting pressure on the housing market and on the rental market,” Lautz said. “They are desperately trying to enter the market. We need to build more housing for these young adults because the silver tsunami is not coming. The idea that the silver tsunami will hand over all this real estate to young adults we need to let go of that. We need to build more homes.”

The message is clear: Although boomers hold an outsized share of real estate wealth, the expected passing of the torch may be slower and smaller than anticipated. Younger generations hoping to inherit homes or simply to find affordable options may be better served by advocating for increased housing supply and new construction.

In the meantime, the housing market continues to reflect the many advantages boomers enjoy: strong equity, prime location holdings, and the ability to buy and sell on their own terms.

Need Help Navigating the Market?

If you have questions about buying or selling real estate or need guidance in today’s competitive market contact LIST WITH ELIZABETH Elizabeth Ann Kline at 703-829-5478.