Gen-Y to Silents: Home Buying Across the Generations (Infographic)

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While there tends to be a major consensus among all home buyers on what they demand from their homes nowadays, there still remains many differences among the different generations who are looking for a place to call their own. The needs of the Baby Boomers may not be as flexible as Millennials for example, and vice versa, so what exactly does each generation desire from their home buying experience? What amenities can they just not live without? We created an infographic to illustrate statistics from the National Association of Realtors’ Home Buyer and Seller Generational Trends study last year that provides some insight into the minds of each generation of home buyers.

Gen_Y

Gen-Y or Millennials: Born 1980-1995 (Age 33 and Younger)

  • 31% of all home buyers and 12% of all sellers
  • 76% are first-time buyers
  • Primary reason to buy is the desire to own a home
  • 19% live in urban areas
  • The decision to move to neighborhood depends on the quality of the neighborhood and commuting time to work
  • 37% consider commuting costs very important
  • Plan to live in home for at least 10 years
  • 74% says the best thing about working with an realty agent is that he or she helps them understand the home-buying process
  • 20% have a difficult time coming up with enough funds to cover a down payment; of those, 56% claim that student debt stifled their ability to save money
  • 17% had to stall the home sale because their home became worth less than their mortgage amount
  • 87% believed their home was a good monetary investment

Gen_X

Gen-X: Born 1965-1979 (Age 34-48)

  • 30% of all home buyers and 29% of all sellers
  • Earn the most income of all generations at $98,200
  • 72% are married couples
  • 67% have children under 18
  • Primary reasons to buy are the desire to own a home, to get a larger home, and relocate because of work
  • The decision to move to a neighborhood depends on the quality of the neighborhood, commuting time to work, and quality and commute time of local schools
  • Plan to live in home for at least 15 years
  • 15% have a difficult time coming up with enough funds to cover a down payment; of those, 46% claim that credit card debt and 35% claim student debt stifled their ability to save money
  • 19% had to stall the home sale because their home became worth less than their mortgage amount

YoungBoom

Young Boomers: Born 1955-1964 (Age 49-58)

  • 16% of all home buyers and 21% of all home sellers
  • 33% are unmarried
  • 22% have a multigenerational homes; of those
    • 38% had their adult children move back home
    • 18% did so to save money
    • 15% did so to serve as a caretaker for their parents
  • 26% own two or more homes such as investment properties and vacation homes
  • Plan to live in home for at least 20 years
  • The decision to sell home usually stems from relocation because of work, home too large for their lifestyle, and the neighborhood has become less desirable
  • 10% had to stall the home sale because their home became worth less than their mortgage amount

OldBoom

Older Boomers: Born 1946-1954 (Ages 59-67)

  • 14% of all home buyers and 22% of all home sellers
  • 21% buy new homes to avoid performing renovations and home improvement
  • The decision to move to a neighborhood depends on the home’s proximity to family and friends, affordability, and close to amenities and stores
  • 27% own two or more homes such as investment properties and vacation homes
  • Plan to live in home for at least 20 years
  • The decision to sell home usually stems from the desire to be closer to family and friends, home too large for their lifestyle, and to enjoy retirement
  • Move an average of 36 miles from the original home
  • 22% likely to move to another region of the country
  • Most likely to downsize in terms of square feet of home space and home price

Silent.pdf

Silents: Born 1925-1945 (Ages 68-88)

  • 9% of all home buyers and 16% of all home sellers
  • 98% are repeat buyers
  • 18% have a multigenerational homes; of those
    • 27% caretaking for parents
    • 23% had their adult children move back home
    • 21% did so to save money
  • The decision to move to a neighborhood depends on the home’s proximity to family and friends, affordability, and close to amenities, stores, and health care facilities
  • 55% finance their own home purchase
  • Move an average of 38 miles from the original home
  • The decision to sell home usually stems from the desire to be closer to family and friends, home too large for their lifestyle, and to enjoy retirement
  • Most likely to downsize in terms of square feet of home space and home price