The recent Home Buyers and Sellers by generation report shows that the combined share of baby boomers buyer rose from 29 to 45%. Baby boomers now have the upper hand in the home buying market, most of them are repeat buyers who have housing equity to propel them into their dream home, be it a place to enjoy retirement or a home near friends and family.
Generation Z – ages 18 to 23 now makes up 4% of home buyers, a slight increase from 2% in 2021. About 30% of Gen Z buyers moved directly from their family member’s home into homeownership.
Generation X made up 24% of total buyers. They had the highest median household income of any generation ($114,300), followed by older millennials ($102,900).
Asides from being at the top list of home buyers, baby boomers remained the largest home seller generation, jumping from 42% in 2021 to about 60%. Among all generations, sellers typically remained in their home for 10 years before selling, up from nine years last year. On average, younger millennials stayed in their homes for four years, while older boomers sold their homes after 16 years.
All generations agreed that the most common reason to sell was to be closer to friends and family. Older generations were also more likely to sell due to retirement, while younger generations cited the desire for a larger home and job relocation as top reasons to sell their home.
Overall, buyers are expected to live in their homes for 18 years, up from 12 years in 2021. For younger millennials, the expected duration was only 10 years, compared to 20 years for younger and older boomers. Surprisingly, Generation Z expected to remain in their newly purchased home for 19 years.
Owning a home is beyond a financial investment. It’s a symbol of peace, independence and stability. Whether you’re a first-time home buyer or an experienced investor, Contact our real estate expert, Rose Riggan. She the expertise and knowledge needed to provide valuable advice and help you make informed decisions about your purchase.