not your mother's housing market
what homebuyers from different generations look for
Home buying expectations for different generations
Buying a home today is a drastically different experience than it was for your mother, or your grandmother. The economy, population growth and social desires of a generation are all contributing factors to the real estate climate. Each generation has a unique preference when searching for a new home. One of the goals of the National Association of REALTORS® is to follow these generational trends.
millenials
Millenials are people ranging between 18 and 35 years of age, and they currently make up 35 percent of all homebuyers — the largest share and growing each year. They are the most likely to not only search for a home online, but also take action.
generation x
Buyers between the ages of 36 and 50 represent Generation X, and make up 26 percent of all homebuyers. Because this generation is in the peak of their earning potential, it is no surprise that they have the highest median home prices and square footage of all the generations. Generation X also makes up the largest share of sellers, at 25 percent.
baby boomers
Baby Boomers, people between the ages of 51 and 69, move the longest distance at a median of 34 miles. They see themselves living in their current home the longest, rounding out at about 20 years.
the silent generation
Buyers between the ages of 70 to 90 make up the silent generation, and are 9 percent of all customers. They are very often downsizing due to retirement, wanting to be closer to family and have the smallest median income of all generations. However, they are the most likely to purchase new homes and the least likely to purchase a detached single-family home.