Baby Boomers led U.S. home purchases in 2025, accounting for 42%, while first-time buyers hit a record low of 21%. Younger generations face affordability challenges due to high prices, limited supply, and rising debt. The median age for first-time buyers rose to 40. Housing shortages, especially of large homes for families, persist. Wages lag behind home price growth, with an estimated national shortage of about 10 million homes.