Many longtime homeowners created their Living Trust years ago when their children were younger, their financial situation looked different, or before retirement became a reality.But here’s
Home Buyers and Sellers Generational Trends
Dated: June 16 2023
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Home Buyers and Sellers Generational Trends
Baby boomers have surpassed millennials and now make up the largest generation of home buyers
- 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.
Source: National Association of REALTORS®
Arminé Ghevian
My goal is simple: a commitment to finding the dream home, purchase, or sale for my clients. With more than 25 years of experience in the real estate industry & the Los Angeles County market, my t....
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