Generational Home Buyer Data You Can Use For Research
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.
This study tracks home buyer statistics across six distinct age groups:
- Gen Z Home Buyers (Ages 18-24)
- Early Millennial Home Buyers (Ages 25-34)
- Late Millennial Home Buyers (Ages 35-44)
- Generation X Home Buyers (Ages 45-54)
- Early Baby Boomer Home Buyers (Ages 55-64)
- Late Baby Boomer Home Buyers (Ages 65-74)
Data points include starting principal balance, purchase price, down payment amount, mortgage loan type, race, geographic preferences, and relative household income. Use our home affordability calculator to estimate what you can afford based on your age and income level.
Our methodology is shown at the bottom of this study.
Key Takeaways
- Early Millennials (ages 25-34) bought 953,267 homes in 2024 - more than any other age group
- Gen Z buyers used FHA mortgages at the highest rate (29.54%)
- Late Millennials bought the most expensive homes at $556,897 average
- Down payments climb with age - Gen Z averaged 7.97% while Late Baby Boomers averaged 27.27%
- Generation X earned the highest household income at $175,842 average
Quick Reference: Compare All Age Groups
These tables provide a snapshot comparison of home buying patterns across all generational groups. Use these quick reference tables to see how different age groups compare on key metrics before diving into detailed statistics for each generation.
Key Finding
Early Millennials (ages 25-34) bought 953,267 homes in 2024, more than any other age group.
Basic Statistics by Age Group
This table compares average income, loan size, purchase price, and other fundamental metrics across all age groups. Older generations tend to have higher incomes and larger loan amounts, while younger buyers make up the majority of first-time home buyers.
Home Buyer Statistics by Age Group
Comparison of average income, loan size, purchase price, and loan-to-value ratio across all age groups.
| Age Group | Avg Purchase Price | Avg Down Payment | Avg Loan Size | Avg Income | Purchase Mortgage Count | 1-Year Change |
|---|---|---|---|---|---|---|
| <25 | $276,312 | 7.97% | $249,761 | $94,396 | 192,182 | 1.54% |
| 25-34 | $429,009 | 11.28% | $365,890 | $134,510 | 953,267 | 0.39% |
| 35-44 | $556,897 | 14.73% | $448,535 | $172,615 | 760,647 | 1.89% |
| 45-54 | $542,571 | 16.93% | $421,169 | $174,827 | 448,709 | -0.85% |
| 55-64 | $506,273 | 21.85% | $367,116 | $162,754 | 301,698 | -1.24% |
| 65-74 | $482,746 | 27.27% | $316,428 | $132,192 | 153,280 | 1.11% |
Loan Type Preferences by Age Group
This table shows how different generations choose between conventional mortgages, FHA mortgages, VA mortgages, and USDA mortgages. Younger buyers use FHA mortgages more frequently, while older generations prefer conventional financing.
Key Finding
Gen Z used FHA mortgages at the highest rate (29.54%) while Late Baby Boomers led conventional usage at 78.83%.
Loan Type Distribution by Age Group
Percentage of home buyers using conventional, FHA, VA, and USDA mortgages across different age groups.
| Age Group | Conventional | FHA | VA | USDA |
|---|---|---|---|---|
| <25 | 57.77% | 29.54% | 8.94% | 3.74% |
| 25-34 | 65.44% | 23.01% | 10.21% | 1.33% |
| 35-44 | 68.64% | 20.17% | 10.49% | 0.69% |
| 45-54 | 68.58% | 20.88% | 9.91% | 0.63% |
| 55-64 | 73.63% | 14.61% | 11.30% | 0.46% |
| 65-74 | 78.83% | 8.35% | 12.49% | 0.32% |
Down Payment Patterns by Age Group
Down payment size varies significantly by age. This table shows the distribution of down payment amounts across generations, revealing that younger buyers overwhelmingly use low-down payment mortgages while older buyers make larger down payments.
Key Finding
Gen Z led low-down-payment usage at 37.5% putting down less than 3%, while Late Baby Boomers put down the most at 27.27% average.
Down Payment Distribution by Age Group
Distribution of down payment amounts showing the percentage of buyers in each range across age groups.
| Age Group | <3% | 3-5% | 5-10% | 10-20% | >20% |
|---|---|---|---|---|---|
| <25 | 37.5% | 16.4% | 19.2% | 14.0% | 12.9% |
| 25-34 | 28.7% | 14.1% | 17.1% | 18.8% | 21.4% |
| 35-44 | 23.9% | 11.0% | 14.9% | 19.7% | 30.5% |
| 45-54 | 23.3% | 10.3% | 13.5% | 17.8% | 35.1% |
| 55-64 | 19.0% | 7.7% | 11.4% | 16.8% | 45.1% |
| 65-74 | 15.0% | 5.0% | 9.0% | 15.6% | 55.4% |
Debt-to-Income Ratio by Age Group
The most common debt-to-income ratio varies by generation. This quick reference shows which DTI range is most common for each age group, helping you understand how lenders evaluate borrowers of different ages.
Most Common Debt-to-Income Ratio by Age Group
The most frequently occurring DTI range for home buyers in each age group.
| Age Group | <36% | 36%-43% | 43%-50% | >50% |
|---|---|---|---|---|
| <25 | 74.1% | null | null | 25.9% |
| 25-34 | 75.6% | null | null | 24.4% |
| 35-44 | 74.1% | null | null | 25.9% |
| 45-54 | 73.6% | null | null | 26.4% |
| 55-64 | 77.6% | null | null | 22.4% |
| 65-74 | 77.8% | null | null | 22.2% |
Detailed Statistics by Age Group
The following sections provide comprehensive statistics for each generational group, including income profiles, loan characteristics, mortgage type preferences, demographics, and geographic buying patterns.
Gen Z Home Buyer Statistics (Ages 18-24)
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.
Gen Z Income and Debt Profile
Gen Z borrowers have the lowest average household income of any age group, with most earning below their area's median. Their income and debt characteristics reflect the early stage of their careers and earning potential.
Gen Z Income and Debt Profile
Average household income, debt-to-income ratios, and area median income comparisons for Gen Z home buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average household income | $94,171 | ▲2.69% |
| Most common debt-to-income ratio | 30%-<36% | ▼-1.33% |
| Earned less than area median income | 69.29% | ▼-1.86% |
Gen Z Loan Characteristics
Gen Z buyers take out the smallest loans of any age group, reflecting lower incomes and preference for starter homes. They rely heavily on high loan-to-value financing and stay within conforming loan limits.
Gen Z Loan Characteristics
Average loan size, purchase price, loan-to-value ratio, and conforming loan limit usage for Gen Z buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average mortgage loan size | $249,761 | ▲4.33% |
| Average purchase price | $276,312 | ▲4.36% |
| Down Payment % | 7.97% | ▲0.63% |
| Jumbo Loans | 0.23% | ▲62.06% |
Gen Z Mortgage Type Preferences
Gen Z buyers use FHA mortgages and other government-backed loans more frequently than older generations. Conventional mortgages still dominate, but at lower rates than for other age groups.
Key Finding
29.54% of Gen Z buyers used FHA mortgages in 2024, the highest rate among all age groups.
Gen Z Mortgage Type Distribution
Percentage of Gen Z buyers using conventional, FHA, VA, and USDA mortgages.
| Loan Type | Percentage | 1-Year Change |
|---|---|---|
| Conventional | 57.77% | ▼-1.57% |
| FHA | 29.54% | ▲2.13% |
| VA | 8.94% | ▼-0.34% |
| USDA | 3.74% | ▼-0.22% |
Gen Z Demographics
Gen Z home buyers are the most racially diverse generation of home buyers in our study, with the highest percentage of non-White buyers compared to older age groups.
Gen Z Racial Demographics
Distribution of Gen Z home buyers by race and ethnicity.
| Race | Percentage | 1-Year Change |
|---|---|---|
| White | 77.81% | ▲0.17% |
| Other | 10.68% | ▼-0.14% |
| Black or African American | 4.22% | ▼-0.10% |
| Asian | 3.39% | ▼-0.10% |
| Joint | 2.67% | ▲0.06% |
| American Indian or Alaska Native | 1.05% | ▲0.13% |
| Native Hawaiian or Other Pacific Islander | 0.17% | ▼-0.01% |
Gen Z Geographic Preferences
These ZIP codes saw the highest concentration of Gen Z home buyers in 2024. Gen Z buyers show preferences for affordable markets and areas with growing job opportunities.
Top 10 ZIP Codes for Gen Z Home Buyers
ZIP codes with the highest number of Gen Z home purchases in 2024.
| ZIP Code | City | State | Purchases |
|---|---|---|---|
| 37042 | Clarksville | Tennessee | 212 |
| 29486 | Goose Creek | South Carolina | 141 |
| 78002 | Macdona | Texas | 138 |
| 78253 | San Antonio | Texas | 134 |
| 31313 | Hinesville | Georgia | 128 |
| 87121 | Pajarito Mesa | New Mexico | 125 |
| 78245 | San Antonio | Texas | 124 |
| 79765 | Odessa | Texas | 119 |
| 85353 | Phoenix | Arizona | 115 |
| 84660 | Spanish Fork | Utah | 112 |
Early Millennial Home Buyer Statistics (Ages 25-34)
Early Millennials have moved past their careers' initial stages and seek longer-term stability for themselves, their pets, and their families. For them, a home represents life progression and achievement of major milestones.
Many seek out first-time home buyer grants to accelerate their transition from renting to owning.
Key Finding
Early Millennials bought the most homes in 2024 at 953,267 purchases, representing 33% of the total market.
Early Millennial Income and Debt Profile
Early Millennials earn significantly more than Gen Z buyers but less than older generations. They represent the largest group of first-time home buyers and balance career growth with homeownership goals.
Early Millennial Income and Debt Profile
Average household income, debt-to-income ratios, and area median income comparisons for Early Millennial home buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average household income | $134,469 | ▲4.33% |
| Most common debt-to-income ratio | 30%-<36% | ▲0.24% |
| Earned less than area median income | 43.46% | ▼-3.07% |
Early Millennial Loan Characteristics
Early Millennials borrow more than Gen Z buyers, reflecting higher incomes and purchases in growing markets. They still rely on high LTV financing but are more likely to afford homes above starter-home prices.
Early Millennial Loan Characteristics
Average loan size, purchase price, loan-to-value ratio, and conforming loan limit usage for Early Millennial buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average mortgage loan size | $365,890 | ▲4.16% |
| Average purchase price | $429,009 | ▲4.89% |
| Down Payment % | 11.28% | ▲2.08% |
| Jumbo Loans | 2.89% | ▲42.28% |
Early Millennial Mortgage Type Preferences
Early Millennials use conventional mortgages more frequently than Gen Z buyers, reflecting improved credit profiles and higher down payment capacity. FHA mortgages remain popular for this age group.
Early Millennial Mortgage Type Distribution
Percentage of Early Millennial buyers using conventional, FHA, VA, and USDA mortgages.
| Loan Type | Percentage | 1-Year Change |
|---|---|---|
| Conventional | 65.44% | ▼-1.26% |
| FHA | 23.01% | ▲1.14% |
| VA | 10.21% | ▲0.12% |
| USDA | 1.33% | ▼0.00% |
Early Millennial Demographics
Early Millennials show greater racial and ethnic diversity than older generations, reflecting changing U.S. demographics and increased homeownership opportunities for minority buyers.
Early Millennial Racial Demographics
Distribution of Early Millennial home buyers by race and ethnicity.
| Race | Percentage | 1-Year Change |
|---|---|---|
| White | 68.72% | ▲0.41% |
| Other | 12.92% | ▼-0.39% |
| Asian | 7.96% | ▲0.10% |
| Black or African American | 5.96% | ▼-0.28% |
| Joint | 3.56% | ▲0.10% |
| American Indian or Alaska Native | 0.69% | ▲0.05% |
| Native Hawaiian or Other Pacific Islander | 0.18% | ▲0.00% |
Early Millennial Geographic Preferences
These ZIP codes saw the highest concentration of Early Millennial home buyers in 2024. This generation gravitates toward urban and suburban markets with strong job growth and lifestyle amenities.
Top 10 ZIP Codes for Early Millennial Home Buyers
ZIP codes with the highest number of Early Millennial home purchases in 2024.
| ZIP Code | City | State | Purchases |
|---|---|---|---|
| 78253 | San Antonio | Texas | 816 |
| 78245 | San Antonio | Texas | 740 |
| 29486 | Goose Creek | South Carolina | 648 |
| 37042 | Clarksville | Tennessee | 628 |
| 33545 | Pasadena Hills | Florida | 538 |
| 75071 | McKinney | Texas | 533 |
| 78002 | Macdona | Texas | 509 |
| 60657 | Chicago | Illinois | 496 |
| 60614 | Chicago | Illinois | 478 |
| 85140 | San Tan Valley | Arizona | 467 |
Late Millennial Home Buyer Statistics (Ages 35-44)
Late Millennials have established their careers and are building foundations for their future. Their considerations extend beyond the individual to growing families, including schools and community amenities.
Owning any of the 34 popular house styles represents an empowering milestone, solidifying their status and ensuring a legacy for the next generation.
Key Finding
Late Millennials bought the most expensive homes in 2024, with average purchase prices of $556,897, the highest among all age groups.
Late Millennial Income and Debt Profile
Late Millennials earn peak income levels, averaging $172,819 per household. Fewer than one-third earn below their area's median income, reflecting career advancement and dual-income households.
Late Millennial Income and Debt Profile
Average household income, debt-to-income ratios, and area median income comparisons for Late Millennial home buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average household income | $172,819 | ▲5.21% |
| Most common debt-to-income ratio | 30%-<36% | ▼-0.76% |
| Earned less than area median income | 32.57% | ▼-3.77% |
Late Millennial Loan Characteristics
Late Millennials take out larger loans than younger age groups, averaging $448,535. Purchase prices average $556,897, reflecting moves into larger homes and more desirable neighborhoods as families grow.
Late Millennial Loan Characteristics
Average loan size, purchase price, loan-to-value ratio, and conforming loan limit usage for Late Millennial buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average mortgage loan size | $448,535 | ▲4.51% |
| Average purchase price | $556,897 | ▲5.23% |
| Down Payment % | 14.73% | ▲1.52% |
| Jumbo Loans | 7.99% | ▲36.09% |
Late Millennial Mortgage Type Preferences
Nearly 69% of Late Millennials use conventional mortgages, with FHA usage dropping to 20%. Stronger credit profiles and larger down payments make conventional financing more accessible for this age group.
Late Millennial Mortgage Type Distribution
Percentage of Late Millennial buyers using conventional, FHA, VA, and USDA mortgages.
| Loan Type | Percentage | 1-Year Change |
|---|---|---|
| Conventional | 68.64% | ▼-0.20% |
| FHA | 20.17% | ▲0.17% |
| VA | 10.49% | ▲0.09% |
| USDA | 0.69% | ▼-0.05% |
Late Millennial Demographics
Late Millennials show increasing racial diversity compared to older generations. White buyers represent 61% of purchases, with Asian buyers making up nearly 11% of this age group's home purchases.
Late Millennial Racial Demographics
Distribution of Late Millennial home buyers by race and ethnicity.
| Race | Percentage | 1-Year Change |
|---|---|---|
| White | 61.21% | ▲0.06% |
| Other | 15.50% | ▼-0.28% |
| Asian | 10.79% | ▲0.54% |
| Black or African American | 8.47% | ▼-0.43% |
| Joint | 3.18% | ▲0.08% |
| American Indian or Alaska Native | 0.65% | ▲0.04% |
| Native Hawaiian or Other Pacific Islander | 0.20% | ▼-0.01% |
Late Millennial Geographic Preferences
McKinney, Texas and suburban Florida markets lead Late Millennial purchases. This age group prioritizes school districts, family amenities, and proximity to employment centers.
Top 10 ZIP Codes for Late Millennial Home Buyers
ZIP codes with the highest number of Late Millennial home purchases in 2024.
| ZIP Code | City | State | Purchases |
|---|---|---|---|
| 75071 | McKinney | Texas | 679 |
| 33545 | Pasadena Hills | Florida | 638 |
| 78253 | San Antonio | Texas | 538 |
| 77493 | Katy | Texas | 453 |
| 29486 | Goose Creek | South Carolina | 442 |
| 78245 | San Antonio | Texas | 437 |
| 95630 | Folsom | California | 435 |
| 33844 | Haines City | Florida | 385 |
| 78023 | San Antonio | Texas | 366 |
| 30028 | Unknown | Georgia | 359 |
Generation X Home Buyer Statistics (Ages 45-54)
Generation X buyers have reached career milestones and contemplate their transition into later life stages. They buy versatile homes with extra rooms for multigenerational living, caring for college-aged children and aging parents.
They're ready to implement first-time home buyer tips from friends and family, viewing homeownership as a forward-thinking strategy and legacy builder.
Key Finding
Generation X earned the highest average household income at $175,842 in 2024.
Generation X Income and Debt Profile
Generation X earns the highest average household income at $175,842, reflecting peak earning years. About one-third earn below their area's median income, the second-lowest rate among all age groups.
Generation X Income and Debt Profile
Average household income, debt-to-income ratios, and area median income comparisons for Gen X home buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average household income | $175,842 | ▲4.48% |
| Most common debt-to-income ratio | 30%-<36% | ▼-1.35% |
| Earned less than area median income | 34.15% | ▼-2.74% |
Generation X Loan Characteristics
Generation X borrows an average of $421,169 for homes priced around $542,571. This age group shows the highest purchase prices among all generations, though loan amounts stay below Late Millennials due to larger down payments.
Generation X Loan Characteristics
Average loan size, purchase price, loan-to-value ratio, and conforming loan limit usage for Gen X buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average mortgage loan size | $421,169 | ▲4.54% |
| Average purchase price | $542,571 | ▲4.69% |
| Down Payment % | 16.93% | ▼-0.12% |
| Jumbo Loans | 7.23% | ▲36.12% |
Generation X Mortgage Type Preferences
Generation X uses conventional mortgages at nearly the same rate as Late Millennials, with 68.58% choosing conventional financing. FHA loans account for about 21% of this age group's mortgages.
Generation X Mortgage Type Distribution
Percentage of Gen X buyers using conventional, FHA, VA, and USDA mortgages.
| Loan Type | Percentage | 1-Year Change |
|---|---|---|
| Conventional | 68.58% | ▼-0.10% |
| FHA | 20.88% | ▲0.18% |
| VA | 9.91% | ▼-0.10% |
| USDA | 0.63% | ▲0.02% |
Generation X Demographics
Generation X buyers show less racial diversity than younger generations. White buyers make up 63% of Gen X home purchases, with Black and Asian buyers each representing significant market shares.
Generation X Racial Demographics
Distribution of Gen X home buyers by race and ethnicity.
| Race | Percentage | 1-Year Change |
|---|---|---|
| White | 63.08% | ▼-0.06% |
| Other | 15.06% | ▼-0.25% |
| Black or African American | 10.41% | ▼-0.27% |
| Asian | 8.16% | ▲0.50% |
| Joint | 2.41% | ▲0.03% |
| American Indian or Alaska Native | 0.69% | ▲0.06% |
| Native Hawaiian or Other Pacific Islander | 0.19% | ▼-0.01% |
Generation X Geographic Preferences
Suburban Florida markets dominate Generation X purchases, with Pasadena Hills and Haines City leading. Gen X buyers favor established communities with good schools and strong property values.
Top 10 ZIP Codes for Gen X Home Buyers
ZIP codes with the highest number of Gen X home purchases in 2024.
| ZIP Code | City | State | Purchases |
|---|---|---|---|
| 33545 | Pasadena Hills | Florida | 353 |
| 29486 | Goose Creek | South Carolina | 338 |
| 77493 | Katy | Texas | 266 |
| 33844 | Haines City | Florida | 250 |
| 78253 | San Antonio | Texas | 240 |
| 75071 | McKinney | Texas | 238 |
| 78245 | San Antonio | Texas | 237 |
| 95630 | Folsom | California | 230 |
| 85142 | Queen Creek | Arizona | 227 |
| 33543 | Wesley Chapel | Florida | 223 |
Early Baby Boomer Home Buyer Statistics (Ages 55-64)
Early Baby Boomers balance impending retirement with supporting adult children or grandchildren. They seek homes with simpler floor plans, proximity to healthcare, and community activities.
This age group shows migration to warmer climates, particularly Florida, differing from other groups that tend toward Texas, Colorado, and western states.
Key Finding
Early Baby Boomers used conventional mortgages at 73.63%, the second-highest rate among all age groups.
Early Baby Boomer Income and Debt Profile
Early Baby Boomers average $163,244 in household income, with 39% earning below their area's median. Income levels drop from Generation X as some transition to retirement or reduce work hours.
Early Baby Boomer Income and Debt Profile
Average household income, debt-to-income ratios, and area median income comparisons for Early Baby Boomer home buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average household income | $163,244 | ▲6.27% |
| Most common debt-to-income ratio | 30%-<36% | ▼-2.25% |
| Earned less than area median income | 39.00% | ▼-4.29% |
Early Baby Boomer Loan Characteristics
Early Baby Boomers borrow an average of $367,116 for homes priced at $506,273. Lower loan amounts reflect downsizing trends and larger down payments, with this age group averaging 21.85% down.
Early Baby Boomer Loan Characteristics
Average loan size, purchase price, loan-to-value ratio, and conforming loan limit usage for Early Baby Boomer buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average mortgage loan size | $367,116 | ▲5.23% |
| Average purchase price | $506,273 | ▲4.73% |
| Down Payment % | 21.85% | ▼-1.97% |
| Jumbo Loans | 5.31% | ▲38.23% |
Early Baby Boomer Mortgage Type Preferences
Early Baby Boomers use conventional mortgages at the highest rate of any age group except Late Baby Boomers, with 73.63% choosing conventional financing. FHA usage drops to just 14.61% for this age group.
Early Baby Boomer Mortgage Type Distribution
Percentage of Early Baby Boomer buyers using conventional, FHA, VA, and USDA mortgages.
| Loan Type | Percentage | 1-Year Change |
|---|---|---|
| Conventional | 73.63% | ▼-0.83% |
| FHA | 14.61% | ▲0.37% |
| VA | 11.30% | ▲0.50% |
| USDA | 0.46% | ▼-0.04% |
Early Baby Boomer Demographics
Early Baby Boomers show lower racial diversity than younger generations. White buyers account for nearly 69% of purchases, with decreasing representation from minority groups compared to Millennials and Gen Z.
Early Baby Boomer Racial Demographics
Distribution of Early Baby Boomer home buyers by race and ethnicity.
| Race | Percentage | 1-Year Change |
|---|---|---|
| White | 68.79% | ▲0.28% |
| Other | 14.08% | ▼-0.44% |
| Black or African American | 9.88% | ▼-0.25% |
| Asian | 4.51% | ▲0.30% |
| Joint | 2.02% | ▲0.08% |
| American Indian or Alaska Native | 0.59% | ▲0.07% |
| Native Hawaiian or Other Pacific Islander | 0.14% | ▼-0.03% |
Early Baby Boomer Geographic Preferences
Retirement-friendly markets dominate Early Baby Boomer purchases. Goose Creek, South Carolina and Wildwood, Florida lead, with Sun City, Arizona appearing prominently as buyers move toward active adult communities.
Top 10 ZIP Codes for Early Baby Boomer Home Buyers
ZIP codes with the highest number of Early Baby Boomer home purchases in 2024.
| ZIP Code | City | State | Purchases |
|---|---|---|---|
| 29486 | Goose Creek | South Carolina | 284 |
| 33514 | Wildwood | Florida | 256 |
| 33545 | Pasadena Hills | Florida | 229 |
| 85351 | Sun City | Arizona | 222 |
| 32124 | Daytona Beach | Florida | 195 |
| 29579 | Carolina Forest | South Carolina | 181 |
| 29566 | Little River | South Carolina | 176 |
| 08757 | Holiday City-Berkeley | New Jersey | 173 |
| 29910 | Bluffton | South Carolina | 167 |
| 34219 | Unknown | Florida | 165 |
Late Baby Boomer Home Buyer Statistics (Ages 65-74)
Late Baby Boomers have weathered multiple transitions with retirement in full swing or on the immediate horizon. They seek simpler, maintenance-free living closer to amenities and recreational activities.
Many are open to relocating to active senior communities and value comfort, convenience, and community above all else.
Key Finding
Late Baby Boomers made the largest down payments at 27.27% average and used conventional mortgages at the highest rate (78.83%) of any age group.
Late Baby Boomer Income and Debt Profile
Late Baby Boomers average $132,192 in household income, the lowest among all age groups except Gen Z. Nearly half earn below their area's median income as retirement becomes primary income source.
Late Baby Boomer Income and Debt Profile
Average household income, debt-to-income ratios, and area median income comparisons for Late Baby Boomer home buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average household income | $132,317 | ▲7.35% |
| Most common debt-to-income ratio | 30%-<36% | ▼-2.94% |
| Earned less than area median income | 49.43% | ▼-4.12% |
Late Baby Boomer Loan Characteristics
Late Baby Boomers borrow an average of $316,428 for homes priced at $482,746. This age group makes the largest down payments at 27.27%, reflecting accumulated savings and equity from previous home sales.
Late Baby Boomer Loan Characteristics
Average loan size, purchase price, loan-to-value ratio, and conforming loan limit usage for Late Baby Boomer buyers.
| Statistic | Value | 1-Year Change |
|---|---|---|
| Average mortgage loan size | $316,428 | ▲5.29% |
| Average purchase price | $482,746 | ▲7.71% |
| Down Payment % | 27.27% | ▼-1.34% |
| Jumbo Loans | 3.65% | ▲45.88% |
Late Baby Boomer Mortgage Type Preferences
Late Baby Boomers use conventional mortgages at the highest rate of any age group, with 78.83% choosing conventional financing. FHA usage drops to just 8.35%, while VA loans remain popular at 12.49% among eligible veterans.
Late Baby Boomer Mortgage Type Distribution
Percentage of Late Baby Boomer buyers using conventional, FHA, VA, and USDA mortgages.
| Loan Type | Percentage | 1-Year Change |
|---|---|---|
| Conventional | 78.83% | ▲0.01% |
| VA | 12.49% | ▼-0.22% |
| FHA | 8.35% | ▲0.22% |
| USDA | 0.32% | ▼0.00% |
Late Baby Boomer Demographics
Late Baby Boomers show the lowest racial diversity of all age groups. White buyers represent 73% of purchases, with smaller shares from other racial and ethnic groups compared to younger generations.
Late Baby Boomer Racial Demographics
Distribution of Late Baby Boomer home buyers by race and ethnicity.
| Race | Percentage | 1-Year Change |
|---|---|---|
| White | 73.43% | ▲0.56% |
| Other | 13.22% | ▼-0.44% |
| Black or African American | 8.50% | ▼-0.08% |
| Asian | 2.60% | ▲0.06% |
| Joint | 1.66% | ▼-0.13% |
| American Indian or Alaska Native | 0.47% | ▲0.04% |
| Native Hawaiian or Other Pacific Islander | 0.12% | ▼-0.01% |
Late Baby Boomer Geographic Preferences
Active adult communities and retirement destinations lead Late Baby Boomer purchases. Sun City and Sun City West in Arizona, along with Florida's Wildwood and On Top of the World, attract the most buyers in this age group.
Top 10 ZIP Codes for Late Baby Boomer Home Buyers
ZIP codes with the highest number of Late Baby Boomer home purchases in 2024.
| ZIP Code | City | State | Purchases |
|---|---|---|---|
| 29486 | Goose Creek | South Carolina | 193 |
| 85351 | Sun City | Arizona | 193 |
| 85375 | Sun City West | Arizona | 181 |
| 33514 | Wildwood | Florida | 178 |
| 34481 | On Top of the World | Florida | 169 |
| 29566 | Little River | South Carolina | 159 |
| 29579 | Carolina Forest | South Carolina | 124 |
| 08757 | Holiday City-Berkeley | New Jersey | 116 |
| 29470 | Ravenel | South Carolina | 115 |
| 29526 | Conway | South Carolina | 115 |
Home Buyer Statistics Study FAQ
Common questions about this home buyer statistics study, our methodology, and how to use this research.
What data sources does this study use?
This study uses HMDA data from the Federal Financial Institutions Examination Council (FFIEC) and U.S. Census Bureau geographic data for ZIP code mapping. HMDA data covers all mortgage lenders required to report under federal law, representing the majority of U.S. mortgage activity.
What years does this home buyer statistics study cover?
The study focuses on 2024 data with year-over-year comparisons to 2023 for key metrics like mortgage counts, loan amounts, purchase prices, and down payments. Age group data is segmented into six brackets: 18-24, 25-34, 35-44, 45-54, 55-64, and 65-74.
How can I cite this research in my work?
Reference this as "Homebuyer.com Home Buyer Statistics Study" with a link to this page. For specific statistics, cite "Homebuyer.com analysis of HMDA data" with the retrieval date. Full attribution guidelines and embeddable content are available in the "How To Use & Share Our Research" section.
Why are age groups used instead of exact birth years for generations?
HMDA data reports ages in standardized bins (<25, 25-34, 35-44, etc.) to protect privacy. These age brackets align closely with standard generational definitions for 2024. We label them as Gen Z, Early Millennials, Late Millennials, Generation X, Early Baby Boomers, and Late Baby Boomers for easier interpretation.
What loans are excluded from this study?
We excluded open-ended mortgages like HELOCs, reverse mortgages, and loans with exempt or missing data. For geographic statistics, we also excluded areas with insufficient data. Less than 0.5% of HMDA data was excluded for data quality reasons.
How accurate are the demographic statistics?
Demographic statistics are based on all HMDA-reported purchase loans meeting our criteria. Race and ethnicity data represents borrower self-reporting to lenders. Statistics reflect actual funded loans, not applications. Individual experiences vary from market averages.
Why do some age groups show higher FHA usage?
FHA mortgages require lower down payments and have more flexible credit requirements, making them accessible to younger buyers with less savings. As buyers age and accumulate wealth, they shift toward conventional mortgages which offer better rates for well-qualified borrowers.
How should I use these statistics when shopping for a mortgage?
These statistics show generational trends and market averages. Individual mortgage rates and terms vary by lender, credit score, down payment, and location. Use the data to understand typical patterns for your age group and benchmark offers you receive. Always compare multiple lenders for your specific situation.
Our Research Methodology
We conducted extensive original research to analyze the 2024 home buyer market, examining data from every HMDA-reporting lender nationwide. Our approach combines rigorous data analysis with practical insights about generational home buying patterns, preferences, and demographics.
This comprehensive dataset was compiled specifically to serve journalists, researchers, and content creators who need authoritative home buyer statistics with proper source attribution. The data for our study was gathered from the FFIEC website, specifically the Snapshot National Loan Level Dataset for 2024, except where noted. Application data is modified by the agency to protect applicant and borrower privacy.
How We Analyzed The Data
We identified key generational differences and analyzed them systematically:
| Category | Focus | Why This Matters |
|---|---|---|
| Demographics | Age-based generational groups | Shows how life stage affects home buying |
| Income Patterns | Earnings and area median income | Reveals affordability by generation |
| Loan Preferences | Conventional, FHA, VA, USDA choices | Helps buyers understand program fit by age |
| Geographic Trends | ZIP code concentration by age | Shows where each generation prefers to buy |
| Down Payments | Amount and LTV by generation | Demonstrates financial capacity and preferences |
Data Collection and Processing
The scope for each statistic is included within each section. Categorically, we excluded open-ended mortgages with first-lien positions, including home equity line of credit (HELOC) mortgages and reverse mortgages, except where noted.
We collected the home buyer statistics on this webpage using database queries. We removed outlier data, mostly linked to mortgage applications that applicants either withdrew or that lenders denied due to incompleteness or fell far 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 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.
Data Sources and Quality
Our research draws from authoritative government sources:
| Source | Data Used | Link |
|---|---|---|
| Federal Financial Institutions Examination Council (FFIEC) | Home Mortgage Disclosure Act (HMDA) data | View source |
| U.S. Census Bureau | Geographic data (ZIP codes, census tracts) | View source |
Data Quality and Limitations
Strengths of our approach:
- Government data sources ensure accuracy and consistency
- Comprehensive coverage of all HMDA-reporting lenders
- Large dataset covering millions of applications
- Detailed age-group and demographic breakdowns
- Geographic analysis at ZIP code level
What to consider:
- Statistics reflect 2024 market conditions
- Individual buyer experiences vary from market averages
- Personal factors like credit score and down payment affect actual terms
- ZIP code data may mask specific neighborhood variations
Our Commitment to Transparency
We believe in full transparency about our methodology and data sources. This research represents extensive analysis of government mortgage data, but it's designed to be a starting point for understanding generational home buying patterns. The best mortgage for you depends on your specific circumstances, credit profile, and lender choice.
For questions about our methodology or to request additional data, please contact our research team.
Study Parameters and Scope
This study focuses on:
- Buyers of 1-4 unit residential properties
- First-lien mortgage positions only
- All 50 states and territories
- Exclusion of construction loans and open-ended mortgages (HELOCs)
- Completed mortgage transactions for primary residences
- Six age groups: 18-24, 25-34, 35-44, 45-54, 55-64, 65-74
Data Processing:
Our analysis involved:
- Advanced database queries on the HMDA Snapshot National Loan Level Dataset
- Processing over 4.7 million purchase mortgage applications from 2024
- Removal of outlier data from withdrawn or incomplete applications (less than 0.5% of total data)
- Geographic aggregation to ZIP code, county, state, and national levels
- Calculation of weighted averages and generational comparisons
Limitations and Considerations
While our analysis provides valuable insights, it's important to understand these limitations:
Market Averages: Statistics represent aggregate market data. Individual lenders offer rates and terms that vary based on borrower qualifications and market conditions.
Geographic Variations: ZIP code data shows concentration patterns but may not capture specific neighborhood characteristics or availability.
Time Period: The data represents 2024 market conditions. Mortgage rates and lending standards change over time.
Personal Factors: Your specific credit score, down payment, debt-to-income ratio, and lender choice affect actual mortgage terms.
Reporting Standards: HMDA data accuracy depends on lender reporting compliance and standardization.
Educational Purpose Disclaimer
This research is designed to help home buyers and industry professionals understand generational home buying trends and patterns. We are not a mortgage lender or broker, and this information does not constitute financial advice or mortgage recommendations.
When making mortgage decisions, we encourage you to compare mortgage lenders, review your specific financial situation, and consult with licensed mortgage professionals who can provide personalized guidance based on your circumstances and goals.
