Home Buyer Trends.pdf

Age of Home Buyers and Sellers:
+ Silent Generation: 1925-1945 (5% of buyers, 8% of sellers)
+ Older Boomers: 1946-1954 (14% of buyers, 18% of sellers)
+ Younger Boomers: 1955-1964 (18% of buyers, 22% of sellers)
+ Gen X: 1965-1979 (24% of buyers, 25% of sellers)
+ Older Gen Y/Millennials: 1980-1989 (23% of buyers, 21% of sellers)
+ Younger Gen Y/Millennials: 1990-1998 (14% of buyers, 10% of sellers)
+ Gen Z: 1999 to Present (2% of buyers and sellers)

Characteristics of Home Buyers:
+ Millennials (37% of buyers) are the largest share of home buyers, with 82% of Younger Millennials and 48% of Older Millennials being first-time home buyers.
+ Gen X buyers have the highest median income ($113,300) and purchase the largest homes (2,100 square feet).
+ Baby Boomers purchase homes for reasons such as desiring to own a home, being closer to friends and family, and living in a better area.

Financing the Home Purchase:
+ 87% of home buyers finance their home purchase, with younger buyers relying on savings and older buyers using proceeds from the sale of their previous residence.
+ 28% of Younger Millennials use a gift or loan from a friend or relative to purchase their home.
+ Debt, primarily from student loans, hinders the ability to save for a down payment, with 43% of Younger Millennials reporting student loan debt.

Home Sellers:
+ Baby Boomers make up the largest share of sellers (43%).
+ Younger and Older Boomers trade for a home with a similar size, and sell to move closer to friends and family, due to retirement, or because their home is too large.