Of the current generations of age, millenials are the most ready to purchase. Close to a third of buyers recently have been from the Gen Y clan. Almost another third are Generation X, or the 36-50 age group. Then Boomers make up a quarter of buyers, and finally the silent generation (those born around WWII or older) round out the group with just 9%.
Is any of this surprising to you? I can’t say it is for me – to an extent. First time home buyers have been statistically the highest purchasing group for decades. And those first time home buyers typically fall within the 20-35 age range. Move up buyers, the next large group are those who have outgrown that first starter home and are looking to get into bigger and better. That also typically happens in the 36-50 age range, and so that is also not a surprise that it makes up a good chunk of sales. Lastly, over 50 are usually downsizing. They are now empty nesters who want less to maintain. Generally speaking, of course.
Not everyone moves on from their starter home, nor needs to downsize, so statistically, first time home buyers are usually the largest category. Because of that, it’s no surprise that Gen Y is the largest age demographic. What is surprising, is how low that number actually is. In the past – the first time home buying category ranges somewhere closer to 40%, give or take.
So what do you think? Are you intrigued by how the numbers split up?
If you’d like more information on the San Fernando Valley or Los Angeles, or to have help looking for your next home, please feel free to reach out! I’m happy to help, no obligation.