Finding a new home is exciting for folks of all ages! Across generational lines, though, there have been some interesting trends. Wondering how home buying patterns differ right now among Boomers, Millennials and Gen Z? Keep reading about these fascinating generational trends for home buying in 2022 from the National Association of REALTORS (NAR).
Boomers want to change markets.
According to Pew Research Center, the Baby Boomer generation is those currently aged 58 to 76, which is generally the age range during which people are retiring or anticipating retirement. In terms of real estate, many Boomers buying right now have decided to look beyond their current areas to find homes. In fact, out of all the generations, they are choosing the farthest spots to begin their searches—likely as they decide where they want to settle for retirement.
While that can be more challenging, with the right Realtor, you can still find an amazing place to call your own no matter where you’re looking.
Gen Z makes up the smallest portion of the market.
It makes sense—they’re still young! Members of Gen Z range from ages 10 to 25, and currently comprise 2 percent of buyers.
As they venture out into the workforce and save up a down payment, it’s possible that they’ll represent a larger swath of buyers in the coming years.
Millennials are the most involved with the market.
Nice job, Millennials! This generation, which is comprised of ages 26 to 41, has the biggest concentration in the real estate market. They saturate the market at 43 percent–so almost half of current home buyers are Millennials.
The order of most-likely to least likely to buy goes like this.
Millennials have a strong presence in the buying market, where they consist of the most substantial population of buyers.
They’re followed by Boomer buyers, who count as 29 percent of possible purchasers. Then, there is Gen X (ages 42 to 57) at 22 percent, the Silent Generation (ages 77 to 94) at 4 percent, and Gen Z at 2 percent.
Millennials know how important a good Realtor is.
Another one of the generational trends for home buying in 2022: Realtors. While all generations should consider a Realtor, Millennials are the most ahead of the game. Out of all of the generations, they were most-likely, according to the NAR report, to use a Realtor. Smart thinking!
Summary
Everyone depicted in the NAR’s generational trends for home buying in 2022 has something in common: needing a knowledgeable Realtor. From open houses to negotiations, a Realtor can guide you through every step of your home buying journey.
Ryan Roberts has extensive experience buying and selling in the East Alabama market—and he’d love to assist you. Contact him today to begin. Finally, for more on real estate trends and tips, check out his blog here.