Understanding Generations & Their Buying Behavior

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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


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