For the first time, millennials edged-out baby boomers as the top age group for U.S. homebuyers.

According to the National Association of Realtors (NAR), millennials purchased 36 percent of homes sold last year, and their parents’ baby boomer generation wasn’t far behind with 32 percent of the home buys. NAR chief economist Lawrence Yun said about the latest profile of buyers:

"Realtors throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year, as well as mounting frustration once they begin actively searching for a home to buy. Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth, and the need to save more in order to buy. These challenging market conditions have caused — and will continue to cause — many aspiring millennial buyers to continue renting.”

While 80 percent of the boomer generation were homeowners by age 30, millennials have been much slower to enter the real estate market, with good reason. In addition to a short supply of affordable houses for first-time buyers, nearly half of the 34-and-under adults are still saddled with about $25,000 in student loan debt, which is the major obstacle preventing them from taking the homebuying plunge.

Market conditions were dramatically different when boomers purchased their first homes. And in more recent years, the market has been in a perpetual state of continually reinventing itself.

In 2010, first-time buyers accounted for half of all homes sold. By 2016, that percentage had plummeted to 35 percent, and last year, it dropped to 34 percent.

Despite generational and market differences, millennials and baby boomers share at least one common thread in homebuying. Between millennials shopping for their first house and boomers downsizing to smaller homes, both age groups are frequently competing for the median two-bedroom, two-bathroom home with 1,870 square feet of living space.

Based on the NAR report, the average millennial buyer last year had a household income of $88,200 and bought a median price house in the $220,000 range. Before purchasing, around 40 percent of them rented a house or apartment, and 12 percent either lived with friends or family.

Of all the homebuyers — which also includes Gen Y, Gen X, and the Silent Generation born between 1925 and 1945 — 65 percent were married couples, and 37 percent still had minor children living at home.

Because of surging home prices in major markets and rising mortgage costs, most homebuyers plan to stay in their newly purchased house long-term. Though some anticipate living there an average of 15 years, 18 percent said they never expect to move.