2013 National Association of Realtors® Home Buyer and Seller Generational Trends – Highlights – Characteristics of Home Buyers
- “Among the generations, Gen X comprises the largest group of recent home buyers, followed by Gen Y, and then younger Baby Boomers, older Baby Boomers, and the Silent Generation. The G.I. Generation represented less than 1 percent of recent buyers.
- While the demographics of recent buyers fall mostly in the expected range, income peaks for ages 33 to 57, and the prevalence of children in the home peaks for buyers under 47.
- Among buyers under 32 years of age, 79 percent are first-time home buyers, compared to only 5 percent among buyers aged 67 to 87.
- The prior living arrangement varies greatly for recent home buyers. Among those who are 32and younger, 65 percent rented an apartment and 22 percent lived with parents, relatives, or friends. Among those who are older than 58 years of age at least 65 percent owned their previous residence.
- There are varying reasons why buyers buy, but younger buyers tend to buy to own a home of their own, while older buyers are buying to be closer to family, friends, and relatives.
- As age increases among recent home buyers, the rate of owning more than one home also increases.”