REAL ESTATE TIPS: Generational home trends vary from millennials to boomers
November 26, 2017
By Stephanie Frost, Broker
The National Association of Realtors recently published its 2017 Home Buyer/Seller Generational Trends report with the following findings as to whom is purchasing homes:
* Millennials (age 36 and younger) — 34 percent.
* Gen Xers (ages 37 to 51) — 28 percent.
* Younger boomers (ages 52 to 61) — 16 percent.
* Older boomers (ages 62 to 70) — 14 percent.
Millennials — Comprising the largest group, these home buyers and sellers gravitate toward tradition and community, tend to invest and purchase in suburban locations, and prefer detached single-family homes. Nearly half (49 percent) are 36 or younger and have children under 18 at home. Sixty-six percent are married.
Gen Xers — This highest-earning group, with an average household income of $106,600, are most likely married, still have children under 18 in the home, typically own the highest median-priced homes of the generations and are most likely to buy the largest home with the most bedrooms. Their purchase decisions are largely dictated by proximity to work and quality school districts.
Baby Boomers — Made up of the most diverse group of people, younger boomers (ages 52-61) are more likely to buy a multi-generational home. Many have children over 18 still living at home and also serve as caregivers to aging parents under the same roof. Younger boomers purchase or sell for a variety of reasons, including job relocations or the desire for a smaller home.
Older boomers (ages 62 to 70) are usually empty nesters and typically prefer smaller homes and living close to family, friends and community.