Generational Trends in Home Buying
Since 2013, the National Association of REALTORS® has produced the Home Buyers and Sellers Generational Trends Report. This report provides insights into differences and similarities across generations of home buyers and sellers. The home buyer and seller data is taken from the annual Profile of Home Buyers and Sellers. Some of the findings in this year’s 143-page report include:
• Millennials (age 23 to 41) made up the largest share of home-buyers at 43%; boomers (age 57 to 75) were second at 39%, followed by Gen X (age 42 to 56) at 22%; Silent Generation (age 76 to 96) 4% and Gen Z (age 18 to 22) made up 2%.
• Gen X had the highest incomes (it also had the highest share of married couples, thus more dual income), and bought the most expensive and second-largest homes; they were also the most likely to purchase multi-generational homes.
Buyers typically searched for eight weeks and looked at a median of eight homes. The length of the home search was the longest for Older Millennials and Older Baby Boomers, at 10 weeks and shortest for the Silent Generation at six weeks. When asked where their internet searches were conducted, home buyers typically conducted 50% of their search on a desktop/laptop and 50% on a mobile device(s). Younger Millennials and the Silent Generation, typically did not view any homes only online without seeing them in person.
• Sixty percent of all buyers were married, but 50 percent of buyers age 23 to 31 were not married.
• Gen X were most racially/ethnically diverse group: 23% identify as a race other than White; younger millennials least likely to identify as heterosexual: 9% identified with another orientation.
• Millennials were the most educated: 90% of younger millennials had at least an associate degree.
• Boomers age 67 to 75 moved furthest, a median of 35 miles, primarily to be closer to family and friends, and were more likely to downsize.
• Young millennials (age 23 to 31) use tech but are the most likely to use an agent in the purchase process and most likely to use an agent to sell their home.
• The silent generation (age 75 to 96) were the most
likely to move to be closer to family and purchased the smallest homes; they also had the highest percentage of military veterans.
• Gen X and younger boomers delayed their home purchase the longest – 5 years – due to debt.
