There are generally three generations in the home buying market. They are the Boomer generation who were born ‘post war’ from 1946 to the mid 1960s, generation “ X “ who are in the 35 to 55 year age range and the newest generation “Y” who are under thirty five.
Often referred to as the”Millennials” and born after 1980, they comprise the largest share of home buyers at 32%. The “Boomers” are a close second with 31% of all recent home purchases. The Millenials has the largest share of first-time homebuyers at 68%.
Seniors, called the ‘Silent Generation’ comprise 3 percent of recent homebuyers.
Thirteen percent of all buyers purchased a multi-generational home, one in which the home consists of adult children over the age of 18.
Younger buyers tend to buy older homes and are more likely to buy previously owned homes. After finding the home they wanted, Gen Y and Gen X expect to live in their home for at least ten years.
– Jon Dawson