A 2024 Home Buyers and Sellers Generational Trends Report was released by the Research Group of the National Association of Realtors. Young Millennials (ages 25 to 33 years) and Older Millennials (ages 34 to 43 years) currently make up the largest portion of homebuyers with a total of 38%. Older Millennials contribute 21%, while Younger Millennials are 17% of the buyers. The main reason to move was attributed to the convenience to their job and commuting costs.
Gen Xers, those 44 to 58 years old, make up the smallest portion of homebuyers at 4%. As the highest income earners, this group often purchased homes with large square footage.
Baby Boomers were also divided into Younger Baby Boomers (59 to 68 years) and Older Baby Boomers (69 to 77 years). The Younger Baby Boomers were part of 19% of buyers, while Older Baby Boomers made up 12% of buyers. Baby Boomers moved to be closer to family and friends, retirement, and due to downsizing.
Despite the changing interest rates, 80% of buyers chose to leverage and finance their home purchase. On average the younger buyers used their savings for the mortgage down payment, while older generations used the proceeds from their previous home for the down payment.
Baby Boomers represented the largest portion of sellers at 45%. Older Baby Boomers were more likely to downsize their home and move closer to family and friends.
If you have any questions about these trends or wonder how it will effect your real estate goals, please give me a call. 760-519-6070