August 21, 2015
FROM THE 2015 NATIONAL ASSOCIATION OF REALTORS HOME BUYER AND SELLER GUIDE:
Generational Trends – Characteristics of Home Buyers
- Gen Y comprises the largest share of home buyers at 32%. Baby Boomers comprise 31% of recent home buyers, and Generation X made up 27%. As expected, the Silent Generation has the smallest share at 10%.
- Income peaks for buyers ages 35 to 59 and the prevalence of children in the home peaks for buyers 35 to 49.
- Gen Y has the largest share of first time buyers at 68%.
- 13% of all buyers purchased a multi-generational home where adult children over the age of 18 and/or grandparents reside in the home. This is most common (21%) with younger boomers aged 50 to 59.
- 39% of Gen Y buyers purchased for the desire to own their own home. Gen X often needed to move for a change in family situation or job. Older Boomers move for retirement and to downsize.
- As age increases, so does the rate of owning more than one home.