Who is Buying Real Estate?
Which generation are you?
Which age group is investing in real estate today? Did you guess the Millennials? Yes, the largest group in the population is the Millennial Generation (born 1981 -1996), also known as Generation Y. They are also the group buying the most homes in today’s market and they are mostly first time homebuyers. Millennial income increased dramatically during the pandemic and approximately 37% of current homebuyers are from this group.
Millennials are followed closely by the Baby Boomers (born 1946 - 1964) who are often selling their first homes and buying their “forever” homes. Boomers also tend to move the farthest to be closer to family.
Interestingly, Generation X (born 1965 – 1980) has the most money, but they come in third place. This may be because they are the ones that are the hardest hit by changes in the economy. They also tend to be the group that buys the most expensive properties.
The Traditionalists (born 1928 to 1945) come in next. One of the smaller populations, this group was also known as The Silent Generation because they were busy working hard during World War II and the bad economic times of the Depression and did not speak out as did other generations. This group buys the smallest properties.
The Greatest Generation (born before 1928) is a naturally dwindling population, accounting for the fewest number of real estate sales.
Generation Z (born 1997 – 2009) is the next generation that will take over as first-time homebuyers. Strong numbers are coming in for this group indicating that they have already learned the value of homeownership.
Our children and grandchildren will follow in Generation Alpha (born 2010 – 2024) and Generation Beta will be born between 2025 and 2039. Generation Alpha is currently predicted to be the wealthiest generation of all time.
