A 127-question survey taken by more than 167,000 recent homebuyers speaks volumes about changing dynamics in America’s homebuying trends, and, anecdotally, Vashon Island’s buyers and sellers are no exception. Considering Census.gov data last showed  28% of Island residents are over age 65, and the median age of residents is 51 years old, the survey findings resonate with our current demographic.

The National Association of Realtors® 2025 Home Buyers and Sellers Generational Trends report underscores how baby boomers now make up the largest generational group of home buyers. The combined share of younger boomers (ages 60-69) and older boomers (ages 70–78) rose to represent 42% of all home buyers in the past year. Millennials (ages 26-44) dropped to 29% of all buyers (from 38% the prior year). Generation X (ages 45-59) buyers held steady at 24%.

The report also shows that about more than half of these boomers are purchasing their homes in all-cash transactions. Younger generations, on the other hand, lean into financing and help from family, usually for the down payment.

First-time homebuying—most common among younger millennials (ages 26-34)--dropped significantly to just 24% (from 32% last year). The report saw older millennials (ages 35-44) making larger down payments for bigger and newer homes as repeat buyers, attributed to their preexisting home equity.

Multigenerational living ticked up in 2024, especially among Generation X. Seventeen percent of all home buyers purchased a multigenerational home – up from 14% last year. Consider that 21% of Gen Xers bought homes for multigenerational living, followed by younger boomers at 15%.

"These clients are thinking ahead and considering the rising cost of real estate,” said Mary Margaret Briggs, Broker at Windermere Vashon. “In the multigenerational scenario, a younger family cohousing with an older relative allows them to benefit by combining finances and equity. It allows for upsizing where it might not otherwise be possible for a growing family.”

Briggs noted buyers are warming up to multigenerational living for many reasons. There are also situations where seniors spend part of their time in the multigenerational home to have ongoing proximity to their grandchildren, and part of the time elsewhere, she said.

Incidentally, Gen X home buyers lead all generations in earnings, with a median household income of $130,000; older millennials trail slightly at $127,500.

As for home sales, the survey found baby boomers were also the top home-selling demographic representing 53% of all sellers. Across all generations, sellers stayed in their homes for a median of 10 years.

Key survey takeaways:

• Baby boomers account for 42% of all home buyers, while millennials fall to 29% (down from 38% from one year ago).
• Multigenerational home buying is on the rise, with Generation X leading the trend.
• Half of older boomers and 40% of younger boomers are purchasing homes entirely with cash.

See the full NAR survey report at https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends

Looking for help buying or selling a home on Vashon? We can help! Our full-service brokers—your Island experts--are backed by the resources of Windermere - the West Coast’s premier real estate brand. In ever-changing market conditions, count on us for the knowledge, tools, and expertise required to succeed. We are all in, for you!