Millennials & Gen Y (born 1980 to 1998): This group is the most productive. The report noted that buyers in this category presently account for 34 percent of all transactions. Two-thirds of those buyers were first-timers, and just under half have children under the age of 18 in their households. Married couples accounted for two-thirds of the participants, while 13 percent were unmarried couples.
Older Baby Boomers (born 1946 to 1954): Some 14 percent of buyers fall into this category. As with the younger baby boomers, this generation likewise cites closeness to friends and family, retirement and a desire for a smaller home as their motivations for moving. They typically move the longest distance and are the least likely to compromise on their home purchase. It is interesting to note that approximately 10,000 baby boomers have been turning 65 each and every day since January of 2011, and will continue to do so until 2030.
The Silent Generation (born 1925 to 1945): This category of buyers is likely to be retired and has the lowest median household incomes across all categories. They make up eight percent of all buyers. They are also the least likely to purchase a traditional detached single-family home. Just under one-in-four opted for senior-related housing, and as a whole tended to purchase the newest homes. As with their younger baby-boomer peers, moving closer to family and the desire for a smaller home were high on their lists.
One thing that all buyers surveyed had in common, according to NAR, is that “all generations of buyers continue to consult a real estate agent or broker to help them buy and sell their home.”
Gary Sandler is a full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces. He can be reached at 575-642-2292 or [email protected].