Older Americans now hold as much real estate wealth as middle-aged homeowners, illustrating the widening gaps in homeownership access and long-term home price gains.
An analysis from Redfin, based on data from the Federal Reserve Board, found that Americans ages 70 and older controlled roughly 26% of the nation’s $48 trillion in real estate wealth in the third quarter of 2025. That matches the share held by those ages 40 to 54 — the first time the two groups have reached parity.
The crossover first occurred in the second quarter of 2025, when older Americans slightly surpassed the 40-to-54 age group at just over 26%, a record high.
Redfin’s report shows the share of housing wealth held by the 70-and-older demographic increasing steadily for decades. In 2005, that group held 16.6% of real estate wealth. A decade ago, the share was 21.6%.
Americans in the 70-and-older group now hold roughly $13 trillion in housing wealth. By contrast, the share held by Americans ages 40 to 54 has declined over time. That group controlled 29.3% of real estate wealth a decade ago — compared with 26% in 2025.
Americans ages 55 to 69 still hold the largest share overall at 35.3%, but that figure has also declined from 37.2% over the past decade.
Younger Americans have seen little change. Those under age 40 held 12.6% of real estate wealth in the third quarter of 2025 — only slightly higher than their 11.9% share a decade ago.
Redfin chief economist Daryl Fairweather said the shift reflects long-term home price growth and challenges that younger buyers face when entering the housing market.
“Breaking into homeownership wasn’t an easy feat for baby boomers, who faced high inflation and high interest rates,” Fairweather said in a statement. “But mortgage rates then entered a decades-long decline, fueling years of home price growth that benefited baby boomers. Those home price gains, along with a rebound in mortgage rates in recent years, have pushed homeownership out of reach for many younger Americans.”
Higher home prices and elevated mortgage rates in recent years have made it more difficult for first-time buyers to enter the market. As a result, younger households are purchasing homes later in life — and in some cases, delaying homeownership altogether.
There are early signs that affordability pressures may ease.
Redfin reported that home price growth has slowed compared with the surge seen during the pandemic-era housing market. Mortgage rates have also declined in recent months with the average 30-year fixed rate moving closer to 6% — some of the lowest levels in more than three years.
The company projected that income growth could outpace home price increases in 2026 — potentially improving conditions for buyers who have been priced out in recent years.
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