T
he average age of a first‑time homebuyer has surged to 40 this year, signaling that older millennials—after years of saving—are finally realizing the American Dream. For those still chasing homeownership, the coming years may hold the answer. Baby‑boomer parents are set to transfer about $90 trillion in the Great Wealth Transfer, encompassing homes, cash, and other assets. A recent Northwestern Mutual survey shows that nearly 70 % of millennials are counting on that inheritance to shape their futures.

    In the same study, 31 % of U.S. adults expect to leave an inheritance or make a charitable donation—up from 26 % in 2024. Among those anticipating an inheritance, 57 % consider it “critical” or “highly critical” for long‑term financial security. For Gen Z and millennials, the sentiment is even stronger, with 63 % and 69 % respectively viewing inheritance as essential.

    A Nationwide Retirement Institute study found that 58 % of millennials believe they can either buy a home or save for retirement, but not both. The looming $90 trillion transfer could help them overcome this hurdle. Yet only 26 % of millennials expect to receive an inheritance, a drop from 32 % the previous year. CFP Matthew R. Walsh explains that older generations’ priorities are shifting. “While the core idea of leaving an inheritance remains, the methods and motivations are evolving due to taxes, family dynamics, and changing values,” he says.

    Baby boomers currently hold an estimated $18–19 trillion in U.S. real estate, according to Realtor.com® research. Northwestern Mutual’s survey found that 30 % of boomers plan to leave an inheritance, but a 2025 Charles Schwab report revealed that 45 % want to enjoy their money while alive, and only 34 % intend to preserve it for future generations. Walsh notes that family dynamics are changing; some boomers lack heirs, while others value legacy differently. Charitable giving is gaining traction as a way to make a meaningful impact, reflecting a broader move toward social responsibility.

    For millennials hoping to receive an inheritance, early conversations are crucial. While 60 % of Americans who plan to leave an inheritance have discussed their plans with family, 39 % of boomers admit they have no will. Proper estate planning is more important than ever. Inheritance and estate taxes can erode a legacy if not carefully managed. Walsh advises hiring tax professionals and financial advisors to minimize tax burdens. Life insurance remains a powerful estate‑planning tool, as beneficiaries receive death benefits tax‑free.

    In short, the aging of the first‑time homebuyer cohort, the impending Great Wealth Transfer, and shifting generational attitudes toward inheritance and legacy all point to a future where financial planning and open family dialogue will determine whether millennials can finally secure homes and retire comfortably.