Since 2013, the National Association of REALTORS® has produced the Home Buyers and Sellers Generational Trends Report. This report provides insights into differences and similarities across generations of home buyers and sellers. The home buyer and seller data is taken from the annual Profile of Home Buyers and Sellers.
- First-time buyers made up 26% of all home buyers, a decrease from 34% last year. Seventy percent of Younger Millennials and 46% of Older Millennials were first-time home buyers. Behind these groups, 21% of Gen Xers were also first-time home buyers.
- Baby Boomers, both Younger Boomers and Older Boomers, made up the largest generation of home buyers at 39%.
- Gen Xers had the highest household incomes of any generation at $114,300 in 2022, followed by Older Millennials with a median household income of $102,900.
- The Silent Generation had the highest share of married couples at 68%. The highest percentage of single female buyers was among Gen Z at 31%. The highest share of unmarried couples were Younger Millennials at 20%.
- 31% of all buyers had children under the age of 18 living at home. Seventy percent of Older Millennials had at least one child under the age of 18 residing in the home.
- 14% of home buyers purchased a multi-generational home to take care of and spend time with aging parents because children over the age of 18 were moving back and for cost savings. Eighteen percent of Older Boomers purchased a multi-generational home. Gen Xers comprised the second largest share at 17%.
- Gen Xers remain the most racially diverse group of buyers in 2022. Twenty-three percent of this group of buyers identified as Hispanic/Latino, Black/African American, or Asian/Pacific Islander.
Learn more about homebuying trends: download the report here: 2023 Trends Report
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