Millennials Back on Top as Home Buyers
Millennials have reclaimed their title as the largest home-buying demographic, while Boomers continue to dominate the seller's market. Where Baby Boomers were once the largest group of home buyers, Millennials have surpassed them now by 38%. Alongside that, one out of three Gen Zers seeking homeownership are single females.
Let us compare Millennials, Baby Boomers, and Gen Zers to better understand these individuals seeking homeownership and where the market is headed.
Millennials vs. Boomers
Millennials ranging from 25 to 43 make up 38% of the home-buying market, whereas Baby Boomers from 59-77 saw a decrease from 39% to 31% in last year's demographic of home buyers.
Millennial first-time home buyers are stepping into homeownership, whereas older Millennials are transitioning to larger homes that fit their needs.
44% of older Millennials and 24% of Generation X aged 44-58 were the majority of first-time home buyers.
Baby Boomers remain the largest seller generation, accounting for 45% of sellers in 2023.
Decisions for Baby Boomers regarding retirement living situations, downgrading, or moving closer to loved ones show that they continue to dominate the home-selling market.
Generation Z
Generation Z ages range from 18 to 24.
Gen Z buyers are more likely than any other generation to be single females.
Real estate agents also say they’ve noticed more single female buyers now than in the past.
This younger generation is more tech-savvy, so making a decision becomes readily available, and easier for them to research the homes that best fit their wants and needs.
The National Association of Realtors ® (NAR) reports that "In the face of changing market dynamics, the enduring appeal of homeownership remains strong. This year's report revealed that 82% of all buyers consider a home purchase a good financial investment, with this sentiment especially pronounced among younger millennials, 86% of whom echo this positive outlook.”
Not only that, but statistics have shown that across all generations, 9 out of 10 buyers would enlist in their Realtors® service again or recommend them to others, making this a pristine opportunity for Realtors® to show their value and assist these individuals in achieving homeownership.
By RWorld Staff
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