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The National Association of Realtors comprehensive report offers intriguing insights into the demographics of home buyers in 2022. This data clearly portrays who bought houses last year, providing valuable clues about who’s likely to be active in the housing market this summer.
Notably, homeownership isn’t restricted to any single age group or generation. Each bracket, from Gen Z to the Silent Generation, found representation among 2022’s homebuyers. Let’s dive into the specifics.
The youngest demographic, Gen Z, 22 years and younger, represented 2% of 2022’s homebuyers. At a median age of 18, these buyers were stepping onto the property ladder, often with assistance from family members.
The Millennials or Gen Y, divided into two groups – younger (23-31 years) and older (32-41 years), bought homes at higher rates. The younger Gen Y, with a median age of 28, comprised 18% of buyers, while the older Gen Y, with a median age of 36, accounted for a whopping 25% of total home purchases. These figures indicate that Millennials, now well-established in their careers, are making significant strides in homeownership.
Next, we have Gen X, aged 42 to 56, representing 22% of the 2022 home buyers. With a median age of 49, this generation often transitions into the ’empty nest’ phase, with grown-up children leaving home. This life transition can inspire moves, often to smaller houses or more desirable locations.
Baby Boomers, split into younger (57-66 years) and older (67-75 years) groups, played a substantial role in 2022’s home-buying scene. The younger Boomers, a median age of 62, accounted for 17% of the year’s buyers. Older Boomers, with a median age of 70, made up 12%. Retirement planning, downsizing, or seeking second homes in vacation-friendly locales often influence this generation’s buying trends.
Finally, despite their advanced years, the Silent Generation (76-96 years) was not silent in the housing market. They accounted for 4% of home buyers, boasting a median age of 79. Their purchases often revolve around downsizing, moving closer to family, or into assisted living communities.
So, who will be buying homes this summer? Looking at 2022’s data, we can make some educated guesses. Given their substantial presence last year, we can expect a strong showing from Millennials. Also, Gen X and Boomers, at their various life stages, will likely continue to be critical players in the housing market. Gen Z’s percentage may increase as more enter the workforce and begin their homeownership journey. Lastly, we should consider the Silent Generation, who will keep making housing changes to suit their needs.
The key takeaway? Homeownership remains a cherished goal across all age brackets. As we move into summer 2023, we’ll likely continue to see a diverse range of buyers navigating the exciting journey of purchasing a home.
