The most recent report from The National Association of REALTORS (NAR) provides insights into differences and similarities across generations of home buyers and home sellers in the United States.
Some interesting statements from the report:
- Millennials are the biggest group of buyers! At 34%, buyers 36-years-old and younger continue to be the largest generational group of home buyers with a median age of 31
- First-time buyers made up 35% of all home buyers
- 66% of recent buyers were married couples, 17% were single females, 7% were single males and 8% were unmarried couples. The highest percentage of single female home buyers was in the 62 to 70 age group
- 38% of all buyers had children under the age of 18 living at home
- For buyers 36-years-old and younger, 48% bought new homes to avoid renovations and problems
The survey also found that a growing number of millennials and younger Baby Boomer buyers have children living at home, student debt is common among Gen X and Boomer households, more millennials are buying outside the city and younger generations are more likely to use a real estate agent.
* One consistent finding for the last four years has been that buyers 36 years and younger (Millennials/Gen Yers) is the largest share of home buyers at 34 percent. * 46 percent of buyers 36 years and younger that had debt reported having student loan debt with a median loan balance of $25,000. * While only 27 percent of buyers 37 to 51 have student loan debt, they have the highest median balance of debt at $30,000. * Buyers 52 to 61 are more likely to buy a multi-generational home. * Buyers 62 to 70 typically move the longest distance at a median of 25 miles and are least likely to make compromises on their home purchase. * All generations of buyers continue to consult a real estate agent or broker to help them buy and sell their home.