By Ken Urman, Realtor
The National Association of Realtors conducted a study of
recent homebuyers. Here’s who is buying houses (by generation):
·
Gen Y 31%
·
Gen X 30%
·
Younger Baby Boomers 16%
·
Older Baby Boomers 14%
·
The Silent Generation
9%
Gen Y
·
aged
33 and younger, born between 1980 and 1995
·
76% are first-time home buyers
·
97% financed their home purchase
·
More than 50% used a mobile device in their
search
·
About 25% found the home they purchased with a
mobile device
·
Find realtors through friends, neighbors,
relatives
·
74% said the major value of working with a
realtor was understanding the buying process
·
They buy because they want to own a home
·
19% choose urban areas
·
Plan to stay in the home 10 years
·
37% say commuting cost is a major consideration
in choosing location
·
About 20% had to delay purchasing a home because
of student loan debt
Gen X
·
aged 34 to 48, born between 1965 and 1979
·
More than 50% used a mobile device in their
search
·
About 25% found the home they purchased with a
mobile device
·
found their real estate agent or broker through
the recommendation of a friend, family member or neighbor
·
more likely to use the same real estate agent
for their purchase as for the sale of their previous home
·
buying and/or selling a home out of the desire
to own a home, because they want or need a larger home, or because they are
relocating for a job
·
primary factors influencing their neighborhood
choice are the quality of the neighborhood, convenience of the neighborhood to
their job(s), and the quality and convenience of schools
·
plan to live in the homes they purchase for 15
years
·
highest income earners ($98,200)
·
largest proportion of married couples buying
homes (72 percent)
·
largest group of buyers with children under the
age of 18 in the home (67 percent)
·
19% said they were compelled to delay the sale
of their previous home because it was worth less than their mortgage
·
15% had difficulty saving for a down-payment,
with 46 percent pointing to credit card debt as the reason for the difficulty,
and 35 percent pointing to student loan debt as the difficulty.
Younger Boomers
·
Aged 49-58, born between 1955 and 1964
·
33% are single
·
22% bought a multi-generational home
o
38% had children over 18 moving back home
o
18% cost savings
o
15% caring for aging parents
·
26% own more than one home (vacation,
investment)
·
Plan to live in the home for 20 years
·
21% of recent home sellers
·
Reasons for selling: job relocation, home too
large, neighborhood less desirable
·
10% delayed home sale because home was worth
less than their mortgage
Older Boomers
·
Aged 59-67, born between 1946 and 1954
·
21% buy to avoid renovations or repairs of major
house systems
·
Choose neighborhoods for convenience to friends
and family, affordability, and convenience to shopping
·
27% own more than one home
·
Plan to live in home more than 20 years
·
22% of recent home sales
·
Top reasons to sell: move closer to friends and
family, house too big, retirement
·
Most likely to move more than 36 miles; 22%
moving to a new region
·
Typically
downsizing square footage and cost
Silent Generation
·
Aged 68-88, born between 1925 and 1945
·
98% are repeat buyers
·
18% purchased a multi-generational home
o
27% care for aging parents
o
23% children over age 18 moving back in
o
21% cost savings
·
Choose neighborhood for convenience to friends
and family, design of the home, proximity to shopping, design of neighborhood,
affordability, proximity to health care facilities
·
Smallest percentage finance the purchase
·
Most moving 38 miles away
·
Top reasons to sell: move closer to friends and
family, house too big, retirement
·
Typically downsizing square footage and cost
If you are considering buying a home, whether a first home,
a larger house or a smaller house, I would be pleased to help you find the
perfect house to meet your needs. If you are considering selling your home, I
would be honored to help you with the sale to the right buyer. Whether buying
or selling, I would like to discuss your goals and help you achieve them. Call
me today at (206) 230-0833.
