A great summary of today’s home buyers provided by John Burns. Interesting to note that 65% of buyers are childless, which must mean that many couples are buying their home before having kids?
Let me summarize for you some of the key findings from an NAR report on home buyer and seller generational trends. So often, useful facts get lost in big reports.
- 13% multigenerational living. 13% of buyers have multiple generations over the age of 18, with 21% of those buyers headed by someone aged in their 50s. This ties in nicely with our last Consumer Insights survey of more than 20K home shoppers, where 50% of those in their 50s said they planned on living multigenerationally, either with a parent or a child. 37% of multigenerational buyers had an adult child, while 21% of buyers had an aging parent.
- 73% couples. Married people buy 65% of all homes sold, with unmarried couples buying 8%.
- 16% single women double the men. Single women are almost twice as likely to buy as single men, purchasing 16% of all homes sold compared to 9% of all homes for single men. After the age of 50, purchases by single females rise even more.
- 65% childless. Homes designed for adults rather than families make more sense, as 65% of all home buyers do not have children. Resale homes were primarily designed with families in mind.
- 11% foreign born. Consistent with our demographic findings that 23% of those born in the 1970s were born abroad and that foreign born buyers are less prone to purchase, foreign purchases are heavily skewed to those born in the 1970s. 17% of buyers aged 35–49 are foreign born—nearly double the percentage of any other age cohort.
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