August 28, 2015
FROM THE NATIONAL ASSOCIATION OF REALTORS HOME BUYER AND SELLER GENERATIONAL TRENDS:
Characteristics of Homes Purchased:
- 80% of buyers who are aged 59 and younger bought a detached single-family home.
- 13% of buyers over the age of 49, and 25% of buyers over 69 purchased a home in senior-related housing.
- Gen Y and Gen X tend to stay close to their previous residence, often within 10 miles, and Older Boomers tend to move the furthest, 30 miles.
- Younger buyers tend to buy older and previously owned homes.
- Gen Y places the greatest importance on convenience to job and affordability. Gen X looks at quality of school district and convenience to schools. Older boomers and the Silent Generation place a higher importance on convenience to friends and family as well as health facilities.
- The older the home buyer, the fewer compromises the buyer tended to make with their home purchase. 48% of the Silent Generation made no compromise on their home purchase.
- Gen Y and Gen X expect to live in their home for 10 years, younger Boomers and the Silent Generation expect to live in their home for 15 years, and Older Boomers plan to live in their home for 20 years. Expected tenure is generally longer than actual tenure.