This article examines the relevance of generational relations to emerging patterns of inequality in advanced capitalist societies, with a particular focus on inequalities related to housing wealth. At its heart is a critique of the increasingly prevalent argument that generational difference is a crucial axis of inequality today. It argues that while contemporary capitalist societies are certainly characterized by marked inequalities between generations and that the latter are manifested inter alia in housing ownership, understanding such inequalities principally in generational terms is problematic because they reflect deeper, more fundamental, structural inequalities and should therefore be conceptualized as such. The article suggests that the principal significance of generational relations to contemporary inequality dynamics actually concerns economic transfers rather than differences between generations. Within-family transfers of wealth, especially housing-related wealth, from older generations to younger ones tend to reproduce pronounced, structurally generated existing patterns of intra-generational inequality.