Who is Buying a Home Today?

Every year, the National Association of Realtors researches home-buying trends. The 2013 report includes an interesting overview of buyers’ ages today.

Generational trends are:

·        Gen Y comprises the largest share of home buyers at 31 percent, followed by Gen X at 30 percent, and both Younger (16 percent) and Older Boomers (14 percent) at 30 percent. The Silent Generation has the smallest share of home buyers at nine percent.
·        Gen Y has the largest share of first-time buyers at 76 percent. The share of first-time buyers declines as age increases. Among the Silent Generation only two percent of buyers are first-time buyers.
·        Among all generations of home buyers the first step in the home buying process is looking online for properties for sale. Gen Y is most likely among generations to also look online for information about the home buying process, while the Silent Generation is most likely to contact a real estate agent.
·        More than half of Gen Y and Gen X buyers used a mobile device during their home search. Among those who did, 26 percent of Gen Y and 22 percent of Gen X found the home they ultimately purchased via a mobile device.

Here is a breakdown of generations:

Generation	Born between
Gen Y	1980 – 1995
Gen X	1965 – 1979
Younger Boomers	1955 – 1964
Older Boomers	1946 – 1954
Silent Generation	1925 - 1945

From 2013 NAR's Profile of Home Buyers and Sellers