The recently published 2019 NAR Home Buyers and Sellers Generational Trends Report takes a smart approach by segmenting the generation into two groups: 21 to 28 years old (“Younger Millennials”) and 29 to 38 years old (“Older Millennials”), and the research reveals some interesting differences.
In looking at the share of home buyers across all generations in the report, Older Millennials are now the largest percentage at 26%:
As the next wave of home buyers, Older Millennials stand out in several ways…
Household Formation - Highest percentage of homebuyer households were married couples (69% compared with 63%, all ages) and most likely to have children under age of 18 living at home (58% compared with 34%, all ages)
Property Location - In addition to Suburbs/Subdivisions (53%), they tied with Younger Millennials for the highest percentage of homes in Urban area/Central city locations (17% compared with 13%, all ages)
Proximity - Smallest distance between home purchased and prior residence (10 median miles compared with 15, all ages)
Neighborhood Selection - More influenced by “Quality of the neighborhood” as top factor for choice of neighborhood (63% compared to 58%, all ages)
Finding an Agent - Less than 1% found their agent through a social media page (50% referred by friend, neighbor or relative) and only 9% texted as first contact (68% through phone, in person or email)
Downpayment - Similar to Younger Millennials, 24% said that saving for a downpayment was the most difficult task in the buying process. 40% delayed buying a home 5 years or more, because of saving for a downpayment.
Investment Perspective – 88% viewed buying a home as a “Good financial investment” highest of all age segments (84% for all buyers)
While interesting to look at these differences in generations, it’s important to mention I’m available to provide assistance with financing referrals to some of the best mortgage lenders in the industry as well as start an MLS drip for criteria you’re seeking in a new home. Please let me know what I can do for you!