Younger Boomers, buyers aged 54 to 63 years, made up 18 percent of all home buyers in 2018, consistent with the previous year. The median age for this group was 59 years old and they were born between 1955 and 1964. One in four Younger Boomers was a single female buyer (25 percent), the same as the Silent Generation.
For Younger Boomers, the primary reasons they purchased homes were the desire to own a home of their own (17 percent), a job-related relocation or move (12 percent), and the desire to be closer to friends and family (10 percent). Compared to other buyers, they said it was the right time and that they were just ready to buy when they did (47 percent).
Younger Boomers were less likely to purchase in the suburbs (49 percent) and more likely to purchase in rural areas (21 percent) compared to other generations. They had the second highest median household income at $102,300 again this year. They also purchased the third most expensive homes of all generations at a median home price of $251,100, eclipsed this year by Older Millennials. This generation of buyers also purchased homes in size at a median square footage of 1,900. Younger Boomers purchased multi-generation homes at 15 percent (down from 20 percent last year), second now to Gen Xers, where they had been in the lead for many years.
Younger Boomers were the most likely to consider heating and cooling costs very important. This age group was unlikely to compromise on the price of the home as well as the quality of and distance from schools. Younger Boomers moved from their previous residence at a median of 20 miles.
Younger Boomers frequently looked online for properties for sale as their first step in the home search process (46 percent). They were also likely to cite yard signs as useful search information on homes (16 percent) more than other generations. Younger Boomers were very likely to use money from an inheritance for the downpayment of their home purchase.
Younger Boomers were the third largest share of home sellers last year at 21 percent. They had the third highest median incomes for sellers at $103,300 (Older Millennials surpassed them this year) and sold the second highest median priced homes at $275,000. Younger Boomers were more likely to sell a detached single-family home and sold the largest homes at a median of 2,100 square feet. They offered home warranty policies and credit towards remodeling or repairs as incentives to help sell the home.
Powered by WPeMatico