UNDERSTANDING GENERATIONS AND THEIR BUYING BEHAVIOR
2019 NAR Home Buyer and Seller Generational Trends
SILENT GENERATION
The Silent Generation are adults born between 1925 and 1945. 73 – 93 years old.
Accounts for only
7%
Median income is lowest of all generations
$69,600
of all home buyers
4%
While most prefer to purchase single-family homes, their share of that market is lower than all other generations.
$243,000 3% below the national average of $250,000
are married couples
48% choose to live in the suburbs and subdivisions
are first time home buyers
Median price of home purchased is
59%
79% of this age group prefer to have their agent call them personally with updates
This generation, more than any other, is making the home purchase to be closer to family, friends and relatives
2019 NAR Home Buyer and Seller Generational Trends
OLDER BABY BOOMERS
Older Baby Boomers are adults born between 1946 and 1954. 64 – 73 years old.
Accounts for
14% of all home buyers
Median income is
$83,200
65% are married couples
9% below the median of $91,600 for all buyers
5% are first time home buyers
Prefer to live in the suburbs and subdivisions Greatest reasons for purchasing a home is: to be closer to family and friends
Average price of home purchased is
$250,000 with the large majority of this generation spending between $200,000 - $350,000
22% retirement
19%
81% of buyers prefer to have their agent call them personally with updates
2019 NAR Home Buyer and Seller Generational Trends
YOUNG BABY BOOMERS
Young Boomers are adults born between 1955 and 1964. 54 – 63 years old. Third largest buying generation accounting for
18%
Median income is
$102,300 10% higher than the average of $91,600 for all buyers
58% are married couples
of all home buyers Primary reason for purchasing a home is the desire to own a home of their own
89% have no children in the home
12% 50%
are first time home buyers
choose to live in the suburbs and subdivisions
81% of these home buyers prefer single-family homes
Average price of home purchased is
$251,100
76% of these home buyers prefer their agents to call them with updates
in line with the average for all buyers 2019 NAR Home Buyer and Seller Generational Trends
GENERATION X
Generation X are adults born between 1965 and 1979. 39 - 53 years old. Second largest buying generation accounting for
24%
Primary reason for purchasing a home is the desire to own a home of their own
Highest earning segment with Median household income of
$111,100 17.5% higher than the $91,600 average for all buyers
of all home buyers
24% 56%
are first time home buyers
65%
have children under the age of 18 in the house
More than any other generation they will choose to live in suburbs or subdivisions
are married couples
They spend the most on homes, with an average investment of
88% prefer single-family homes, which is stronger in this group than any other
75% of these home buyers prefer their agents to call them with updates
$277,800 about 10% higher than the average. Almost 50% of this generation will spend more than $350,000 2019 NAR Home Buyer and Seller Generational Trends
OLDER GEN Y/MILLENNIALS
Older Gen Y/Millennials are adults born between 1980 and 1989. 29-38 years old. The median income is
26% of all home buyers. The largest generational group out of all home buyers
$101,200 higher than the median income of all buyers
69% Primary reason for purchasing a home is the desire to own a home of their own
are married couples
58%
52% of these adults are first time home buyers among this group, outweighing the 33% representing all home buyers
The median price for a home purchase is
$274,000 and 34% will spend over $350,000
have at least one child in the household
70%
86% of these home buyers desire to purchase a single-family home
Most are looking to live in suburbs and subdivisions
of purchasers state the most important communications is receiving updates from agents as soon as they list 2019 NAR Home Buyer and Seller Generational Trends
YOUNGER GEN Y/MILLENNIALS Younger Gen Y/Millennials are adults born between 1990 and 1998. 21- 28 years old. Average median income for this age group is
11% second smallest group at of buyers
72% have no children in the home
62% state it was just the right time, as their reason to purchase
48% choose homes in the suburbs and subdivisions, and they are more likely than any other generation to choose townhomes
$71,200
54%
which is 22% below the median income of all buyer
are married couples
86% are first time home buyers, the largest of any age group, far outweighing the average of all buyers (33%) Average price of home purchased is
$177,000 lowest of all generations
This age group prefer to receive updates from their agent
20% are unmarried couples, the highest of any age group
60% primary reason for purchasing a home is the desire to own a home of their own, the largest of any age group
81%
via text message of purchasers in this age group prefer single-family homes 2019 NAR Home Buyer and Seller Generational Trends