Boomers Sell – Millennials Buy

Posted by Richard on May 4, 2022

Home ownership is alive and well across all generations, a new report finds, with trends shaking out as you might expect: More younger people are buying bigger while older people are selling and downsizing.
Baby boomers (aged 67 to 75) were the largest share of home sellers at 42 percent, but for the first time, older millennials (aged 32 to 41) made up 26 percent of sellers, up four points since 2021. Older millennials are now more likely to be first-time sellers rather than first-time buyers.
The 2022 Home Buyer and Seller Generational Trends report has found that more millennials (aged 23 to 41) are buying homes with their share of home sales rising to 43 percent, up from 37 percent. The big majority of millennials are finding their homes online, and from 88 percent to 92 percent purchase their homes through a real estate agent.
Meanwhile, older buyers were selling their large houses and buying smaller ones. Among those 57 and older, most said they wanted a smaller home near friends and family.
Married couples continue to be the largest group buying homes. Of recent buyers, 60 percent were married couples, 19 percent were single women, 9 percent were single men and 9 percent were unmarried couples. Among single female buyers, the highest percentage (27 percent) was women aged 76 to 96.
Debt is a big roadblock for younger buyers — younger millennials having the highest share of student debt, with a median amount of $28,000. Down payments were another roadblock for this group, but 29 percent of younger millennials received help with their down payment from family or friends. About 24 percent of younger millennials were living with family or friends to save on rent before they purchased their home.
According to the report, many potential buyers used their time at home during 2020 and 2021 to save for down payments.