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Generational Home Buyer Statistics

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138 Generational Home Buyer Statistics of U.S. Buyers

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:

  1. Gen Z Home Buyers, Ages 18-24
  2. Younger Millennial Home Buyers, Ages 25-34
  3. Older Millennial Home Buyers, Ages 35-44
  4. Gen X Home Buyers, Ages 45-54
  5. Younger Baby Boomer Home Buyers, Ages 55-64
  6. Older Baby Boomer Home Buyers, Ages 65 and Older

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 Buyer Statistics

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.

Income and Debt

  • The average household income of a Gen Z home buyer was $82,549
  • The most common debt-to-income ratio for Gen Z home buyers was between 40-45%
  • 72.60% of Gen Z home buyers earned less than their area’s median household income

Loan Sizes

  • The average Gen Z mortgage loan size was $234,844
  • The average Gen Z purchase price was $261,015
  • The median Gen Z loan-to-value was 94.29%
  • The most common Gen Z down payment was between 3 and 5% of the purchase price
  • 99.72% of Gen Z home buyers used a mortgage within their local mortgage loan limits

Mortgage Traits

Race and Ethnicity

  • 86.79% of Gen Z home buyers identified as White
  • 4.83% of Gen Z home buyers identified as Black or African American
  • 4.28% of Gen Z home buyers identified as Asian
  • 4.09% of Gen Z home buyers identified as among American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander, or Other

Geography

  • Gen Z home buyers accounted for 42.31% of home sales in Ligonier, Indiana
  • 121 Younger Millennial home buyers bought in the 78002 ZIP Code of Atascosa, Texas, the most of any U.S. ZIP code

Younger Millennial Home Buyer Statistics

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.

Income and Debt

  • The average household income of a Younger Millennial home buyer was $118,279
  • The most common debt-to-income ratio for Younger Millennial home buyers was between 40-45%
  • 46.50% of Younger Millennial home buyers earned less than their area’s median household income

Loan Sizes

  • The average Younger Millennial mortgage loan size was $355,931
  • The average Younger Millennial purchase price was $415,833
  • The median Younger Millennial loan-to-value was 93.10%
  • The most common Younger Millennial downpayment was between 3 and 5% of the purchase price
  • 96.16% of Younger Millennial home buyers used a mortgage within their local mortgage loan limit

Mortgage Traits

  • 71.33% of Younger Millennial home buyers used a conventional mortgage
  • 17.23% of Younger Millennial home buyers used an FHA mortgage
  • 1.81% of Younger Millennial home buyers used a USDA mortgage
  • 9.63% of Younger Millennial home buyers used a VA mortgage
  • 95.37% of Younger Millennial home buyers chose a 30-year mortgage term

Race and Ethnicity

  • 78.72% of Younger Millennial home buyers identified as White
  • 7.16% of Younger Millennial home buyers identified as Black or African American
  • 9.33% of Younger Millennial home buyers identified as Asian
  • 4.80% of Younger Millennial home buyers identified as among American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander, or Other

Geography

  • Younger Millennial home buyers accounted for 67.48% home sales in Chicago’s West Town / Noble Square neighborhood
  • 498 Younger Millennial home buyers bought in the 78002 ZIP Code of Atascosa, Texas, the most of any U.S. ZIP code

Older Millennial Home Buyer Statistics

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.

Income and Debt

  • The average household income of an Older Millennial home buyer was $150,830
  • The most common debt-to-income ratio for Older Millennial home buyers was between 40-45%
  • 35.20% of Older Millennial home buyers earned less than their area’s median household income

Loan Sizes

  • The average Older Millennial mortgage loan size was $437,904
  • The average Older Millennial purchase price was $539,731
  • The median Older Millennial loan-to-value was 92.00%
  • The most common Older Millennial downpayment was between 5 and 10% of the purchase price
  • 90.74% of Older Millennial home buyers used a mortgage within their local mortgage loan limit

Mortgage Traits

  • 72.50% of Older Millennial home buyers used a conventional mortgage
  • 16.74% of Older Millennial home buyers used an FHA mortgage
  • 1.03% of Older Millennial home buyers used a USDA mortgage
  • 9.72% of Older Millennial home buyers used a VA mortgage
  • 94.18% of Older Millennial home buyers chose a 30-year mortgage term

Race and Ethnicity

  • 73.01% of Older Millennial home buyers identified as White
  • 10.41% of Older Millennial home buyers identified as Black or African American
  • 11.81% of Older Millennial home buyers identified as Asian
  • 4.76% of Older Millennial home buyers identified as among American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander, or Other

Geography

  • Older Millennial home buyers accounted for 64.47% of home sales in Issaquah, Washington’s 98029 ZIP code
  • 452 Older Millennial home buyers bought in the 78245 ZIP code of San Antonio, Texas, the most of any U.S. ZIP code

Generation X Home Buyer Statistics

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.

Income and Debt

  • The average household income of a Gen X home buyer was $153,445
  • The most common debt-to-income ratio for Gen X home buyers was between 40-45%
  • 36.15% of Gen X home buyers earned less than their area’s median household income

Loan Sizes

  • The average Gen X mortgage loan size was $407,678
  • The average Gen X purchase price was $522,306
  • The median Gen X loan-to-value was 85.19%
  • The most common Gen X downpayment was between 10 and 15% of the purchase price
  • 91.97% of Gen X home buyers used a mortgage within their local mortgage loan limit

Mortgage Traits

Race and Ethnicity

  • 75.28% of Gen X home buyers identified as White
  • 12.30% of Gen X home buyers identified as Black or African American
  • 8.52% of Gen X home buyers identified as Asian
  • 3.89% of Gen X home buyers identified as among American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander, or Other

Geography

  • Gen X home buyers accounted for 39.02% of home sales in Double Oak, Texas’ 75022 ZIP code
  • 249 Gen X home buyers bought in the 78245 ZIP code of San Antonio, Texas, the most of any U.S. ZIP code

Younger Baby Boomer Home Buyer Statistics

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.

Income and Debt

  • The average household income of a Younger Baby Boomer home buyer was $138,840
  • The most common debt-to-income ratio for Younger Baby Boomer home buyers was between 20-30%
  • 42.15% of Younger Baby Boomer home buyers earned less than their area’s median household income

Loan Sizes

  • The average Younger Baby Boomer mortgage loan size was $350,024
  • The average Younger Baby Boomer purchase price was $480,987
  • The median Younger Baby Boomer loan-to-value was 85.19%
  • The most common Younger Baby Boomer downpayment was between 15 and 20% of the purchase price
  • 94.29% of Younger Baby Boomer home buyers used a mortgage within their local mortgage loan limits

Mortgage Traits

  • 76.74% of Younger Baby Boomer home buyers used a conventional mortgage
  • 12.33% of Younger Baby Boomer home buyers used an FHA mortgage
  • 0.74% of Younger Baby Boomer home buyers used a USDA mortgage
  • 10.19% of Younger Baby Boomer home buyers used a VA mortgage
  • 88.33% of Younger Baby Boomer home buyers chose a 30-year mortgage term

Race and Ethnicity

  • 80.64% of Younger Baby Boomer home buyers identified as White
  • 11.48% of Younger Baby Boomer home buyers identified as Black or African American
  • 4.78% of Younger Baby Boomer home buyers identified as Asian
  • 3.10% of Younger Baby Boomer home buyers identified as among American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander, or Other

Geography

  • Younger Baby Boomer home buyers accounted for 49.30% home sales in Boynton Beach, Florida
  • 371 Younger Baby Boomer home buyers bought in the 34785 ZIP code of Wildwood, Florida, the most of any U.S. city

Older Baby Boomer Home Buyer Statistics

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.

Income and Debt

  • The average household income of an Older Baby Boomer home buyer was $120,974
  • The most common debt-to-income ratio for Older Baby Boomer home buyers was between 45-50%
  • 16.32% of Older Baby Boomer home buyers earned less than their area’s median household income

Loan Sizes

  • The average Older Baby Boomer mortgage loan size was $347,167
  • The average Older Baby Boomer purchase price was $419,316
  • The median Older Baby Boomer loan-to-value was 80.28%
  • The most common Older Baby Boomer downpayment was between 15 and 20% of the purchase price
  • 95.85% of Older Baby Boomer home buyers used a mortgage within their local mortgage loan limit

Mortgage Traits

  • 56.11% of Older Baby Boomer home buyers used a conventional mortgage
  • 25.37% of Older Baby Boomer home buyers used an FHA mortgage
  • 2.62% of Older Baby Boomer home buyers used a USDA mortgage
  • 15.90% of Older Baby Boomer home buyers used a VA mortgage
  • 94.22% of Older Baby Boomer home buyers chose a 30-year mortgage term

Race and Ethnicity

  • 84.53% of Older Baby Boomer home buyers identified as White
  • 9.14% of Older Baby Boomer home buyers identified as Black or African American
  • 3.56% of Older Baby Boomer home buyers identified as Asian
  • 2.78% of Older Baby Boomer home buyers identified as among American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander, or Other

Geography

  • Older Baby Boomer home buyers accounted for 70.18% of home sales in Castle Hill, California
  • 348 Older Baby Boomer home buyers bought in the 34785 ZIP code of Wildwood, Florida, the most of any U.S. city

Methodology

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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Citations

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:

Changelog

  • January 31, 2024: Rewrite introduction; Changed title; Added subsections for easier reading. Simplified language.
  • September 20, 2023: Original publish date

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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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