Home Buyers’ Characteristics & Stats

• First-time buyers made up 33% of all home buyers, the same as last year.

• 52% of buyers 30 to 39 years and 88% of buyers 29 years and younger were first-time home buyers.
• 23% of buyers 40 to 54 years were also first-time home buyers.
• At 25%, buyers 30 to 39 continue to be the largest generational group of buyers with a median age of 34, followed by buyers 40 to 54 at 23% with a median age of 47.

• Buyers between the ages of 40 to 54 had the highest household incomes of any generation at $110,900 in 2018, followed by buyers between 30 to 39 that had a median income of $102,800.

• 61% of recent buyers were married couples, 17% were single females, 9% were single males, and 9% were unmarried couples. The highest percentage of single female buyers were found in the 65 to 73 age group at 22%. The highest share of unmarried couples were found in the 22 to 29 age group at 21%.

• 35% of all buyers had children under the age of 18 living at home. 61% of buyers between 30 to 39 years had at least one child under the age of 18 residing in the home.

• 12% of home buyers purchased a multi-generational home to take care of aging parents, because children over the age of 18 were moving back, and for cost savings.

• 18% of buyers aged 74 to 94 purchased a multi-generational home. Buyers 55 to 64 years comprised the second largest share at 16%.

• The 40 to 54 age group continues to be the most racially diverse group of buyers in 2019.

• 21% of this group of buyers identified as Hispanic / Latino, Black / African American, or Asian / Pacific Islander.
• The 30 to 39 age group was the most educated group, with 79% holding at least a bachelor’s degree or higher. The next most educated was the 22 to 29 age group.
• The most common reasons for recently purchasing a home differed between the generations. For all three groups under the age of 65 years, the main reason for purchasing was the desire to own a home of their  own. Among the 63 and older age groups, the desire to be closer to friends and family was the top reason to purchase. Buyers between 74 and 94  years also purchased for the desire for a smaller home.

Source: National Association of Realtors 2020 Home Buyers and Sellers Generational Trend Report