Generational Home Buying Trends

The National Association of Realtors’ new Home Buyer and Seller Generational Trends report indicates that the biggest group of buyers is Generation X, which accounted for 31 percent of recent sales. The survey of 8,501 recent buyers shows that Gen Y accounted for 28 percent of recent sales, followed by younger Baby Boomers at 18 percent, older Baby Boomers at 14 percent, the Silent Generation at 10 percent, and the Greatest Generation at less than 1 percent. Most buyers age 57 and under purchased detached single-family houses, while townhouses and condos were preferred by buyers older than 57. The survey also reveals that all generations use the Web to look for properties as the first step in the buying process, but older buyers are less likely to finance their purchases. Gen X also accounts for the largest group of home sellers, followed by younger and older Baby Boomers, the Silent Generation, Gen Y, and the Greatest Generation. Moreover, younger buyers turn to Realtors for a greater understanding of the purchase process, and younger sellers are more likely than their older counterparts to use the same Realtor for future transactions. | Read More