The National Association of Realtors report, Home Buyer and Seller Generational Trends Report for 2018, states the following as the Characteristics of a home buyer:
“The Millennial Generation this year is 37 years old and younger. Generation X is 38 to 52, Younger Boomers are 53 to 62, Older Boomers are 63 to 71, and the Silent Generation are aged 72 to 92. Buyers 37 years old and younger made up the largest generation of home buyers in 2017 at 36 percent. Sixty-five percent of buyers 37 years and younger were first-time buyers, followed by buyers 38 to 52 years at 24 percent.”
Of course, this is a national report so each region will be slightly different.
In the report they list the primary reasons for buying a home, the top 4 are:
The top primary reason for buying — It was just the right time, was ready to buy a home.
The detached single family home made up the largest percentage of homes purchased.
The most popular location (remember this is national) was suburbs or in a subdivision. Quality of neighborhood was at the top of the reasons for the location, convenience of job was second, and third was affordability. Convenience to job and affordability were the most important for the younger generations.
SENIOR-RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION
For people over fifty, 68% still buy detached single family homes, and around 20% of them move to a small town. Quality of the neighborhood still being the number reason for purchasing.
You can read the full report by click here.
Obviously, there is a lot more than statistics when it comes to the decision for making one of the largest purchases of our lives. But it helps to understand the trends, the various generations, and the area when it comes to buying a home. That’s where a good Real Estate Agent comes in. The internet can only help so much, but a good agent really knows the area, the homes, the industry and can make buying or selling a lot less stressful.