For younger millennials, the expected duration was only 10 years, compared to 20 years for younger and older boomers. Overall, buyers expected to live in their homes for 15 years, up from 12 years in 2021. Younger boomers moved the furthest (90 miles), followed by older boomers (60 miles) and the silent generation (50 miles). Younger generations moved shorter distances, with younger and older millennials each typically moving 15 miles away. Overall, buyers moved a median of 50 miles when relocating, the highest ever recorded and up significantly from 15 miles last year. On average, people are moving farther distances. 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. On average, younger millennials stayed in their homes for four years, while older boomers sold their homes after 16 years.Īll generations agreed that the most common reason to sell was to be closer to friends and family. Among all generations, sellers typically remained in their home for 10 years before selling, up from nine years last year. In addition to leading the way in home buying, baby boomers remained the largest home seller generation, jumping from 42% in 2021 to 52% in 2022. They had the highest median household income of any generation ($114,300), followed by older millennials ($102,900). Generation X made up 24% of total buyers. "Their desire for homeownership is strong, and many are relying on family support systems to help make their first real estate purchase." "As the youngest generation of home buyers and sellers, it's encouraging to see Gen Z entering the market," Lautz said. Finding a location convenient to friends and family was most important to this cohort of buyers. Nearly one in three Gen Z buyers – 30% – moved directly from a family member's home into homeownership. Generation Z – ages 18 to 23 – now makes up 4% of home buyers, a slight increase from 2% in 2021. Behind these groups, only 21% of Generation X (43 to 57 years old) and 9% of younger boomers were first-time purchasers. Seventy percent of younger millennials and 46% of older millennials were first-time buyers. Twenty-six percent of all buyers were first-time buyers, the lowest since NAR began tracking the data and a decrease from 34% last year. They are living healthier and longer and making housing trades later in life." "The majority 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. Jessica Lautz, NAR deputy chief economist and vice president of research. "Baby boomers have the upper hand in the homebuying market," said Dr. Younger millennials (24 to 32 years old) and older millennials (33 to 42 years old) have been the top group of buyers since 2014, but they saw their combined share fall from 43% in 2021 to 28% last year. The 2023 Home Buyers and Sellers Generational Trends report, which examines the similarities and differences of recent home buyers and sellers across generations 1, found that the combined share of younger boomer (58 to 67 years old) and older boomer buyers (68 to 76 years old) rose to 39% in 2022, up from 29% the year prior. WASHINGTON (March 28, 2023) – The share of baby boomers has surpassed millennials and now makes up the largest generation of home buyers, according to the latest study from the National Association of Realtors®.
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