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This Homebuyer.com study reports on home buyer data from more than 11 million mortgage applications last year, revealing the behaviors and choices of U.S. home buyers by generation.
It’s Part Three of our comprehensive housing study, which also includes in-depth mortgage statistics and HMDA statistics studies, sorted by age groups.
This Generational Home Buyer study tracks home buyer statistics by age group:
Data points include starting principal balance, purchase price, down payment amount, mortgage loan type, race, geographic preferences, and relative household income. Current mortgage rates were disregarded.
Our methodology is shown below.
Gen Z home buyers are home buyers aged 18-24. Renters within this age group often harbor a strong desire for homeownership. Homes symbolize stability and personal freedom, and the potential for financial growth through real estate is appealing.
Gen Z home buyers are driven by the wealth-generation opportunities of owning a home and the chance to invest in their future. To them, owning a home is more than just avoiding rent or moving out of your parent’s house; it’s about establishing roots and achieving a sense of accomplishment.
Gen Z home buyers overwhelmingly use low-down payment mortgages.
Younger Millennial home buyers are home buyers aged 25-34. Many renters within this generational sub-group have moved past their careers’ initial stages and seek longer-term stability for themselves, their pets, and their families.
For Younger Millennials, a home isn’t just a place to live; it’s a statement of their life progression. The dream of owning property goes beyond the tangible, tied to life milestones like starting a family or establishing a professional base. Many seek out first-time home buyer grants to make a faster transition from renting to owning.
Older Millennial home buyers are individuals aged 35-44. Renters within this generational sub-group have made a significant effort toward establishing their careers and building a foundation for their future.
For many Older Millennials, the consideration extends beyond the individual to a growing family, even considering schools and community amenities. Owning any of the 26 styles of American homes is an empowering milestone for Older Millennials, solidifying their status and ensuring a legacy for the next generation.
Their American dream of homeownership resonates deeply and is associated with stability, community involvement, and a space for family gatherings.
Generation X home buyers are people aged 45-54. Buyers within this generational group have typically reached career or family milestones and now contemplate their transition into the later stages of life.
For a generation that professes not to care, Gen X cares about homeownership. They buy versatile homes with extra rooms and spaces for multigenerational living to care for college-aged children and aging parents. They hear a lot of first-time home buyer tips from friends and family. They’re ready to put that advice into action.
Homeownership for Generation X is a forward-thinking strategy. Their homeownership vision is interwoven with a sense of legacy, an anchor in the community, and a space where memories get made.
Younger Baby Boomer home buyers are buyers aged 55-64. Buyers within this generational sub-group are often in transition, balancing the prospect of impending retirement with the potential responsibilities of supporting adult children or grandchildren.
For Younger Baby Boomers, homeownership reflects past achievements and a strategy for the future. Many buyers within the age group look for homes with simpler floor plans, proximity to healthcare facilities, and community social activities.
This age also starts the migration to warmer climates. Compared to other age groups that tend to move to Texas, Colorado, and other western states, Younger Baby Boomers overwhelmingly buy homes in Florida.
Homeownership for Younger Baby Boomers represents a culmination of life’s efforts. It embodies a retreat, a gathering place for family, and a testament to their lasting impact on future generations.
Older Baby Boomer home buyers are buyers aged 65-74. Buyers within this generational sub-group have weathered multiple personal and professional transitions. Retirement, for many, is either in full swing or on the immediate horizon.
For the Older Baby Boomers, homeownership carries both nostalgia and pragmatic considerations. Many seek simpler, maintenance-free living closer to amenities and recreational activities that align with their changing lifestyle. They value the comforts of familiar neighborhoods and are open to relocating to active senior communities.
Homeownership for Older Baby Boomers is about comfort, convenience, and community. It’s a space of serenity, where they can enjoy their golden years, welcome family and friends, and celebrate life’s rich tapestry.
The data for this generational home buyer study was gathered from the FFEIC Snapshot National Loan Level Dataset for 2022, except where noted. The FFEIC files contain national HMDA datasets from all HMDA reporters, which include mortgage lenders, retail banks, and credit unions.
Application data is modified to protect applicant and borrower privacy.
For mortgage-related data points, the study excludes open-ended mortgages in first-lien positions, subordinate liens in junior positions, and reverse mortgages, except where noted.
We sourced the home buyer statistics in this study using complex database queries. We removed outlier data, mostly related to home buyers who withdrew their mortgage applications before closing and mortgage applications that fell beyond typical and expected ranges.
Less than one-half of one percent of HMDA data was excluded for reasonability reasons.
Despite the thorough nature of HMDA data, our study required additional calculations to derive more complex home buyer statistics. Relative percentages and comparison figures required advanced mathematical calculations, which we queried and compiled.
To ensure the accuracy of our study, we relied on the robustness of the HMDA data and the precision of our queries. The stringent data extraction, filtering, and analysis process improved our results’ reliability.
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This article, "138 Generational Home Buyer Statistics of U.S. Buyers" draws on the author's professional mortgage experiences and references information found at these authoritative websites:
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A study of home buyer statistics gleaned from 11 million mortgage applications, revealing behaviors oU.S. home buyers by generation.
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