Results from an annual study reveal how real estate needs vary across generations.
The National Association of Realtors publishes numerous surveys and studies each year. One of the more interesting is the annual Profile of Home Buyers and Sellers. The survey details the buying and selling experiences of thousands of home buyers and sellers who purchased or sold a home during a given year. The results of the 2019 survey were released earlier this year.
A particularly interesting subset of the survey is the Home Buyers and Sellers Generational Trends Report. The report “provides insights into differences and similarities across generations of home buyers and home sellers,” according to NAR. The portion of the report highlighted here focuses on home buyers. The generational breakdowns fall into six distinct categories.
Younger Millennials (21 to 28 years): This group accounted for 11 percent of all home sales. The report also noted that 86 percent of the group were first-time buyers. Forty percent considered the cost of commuting to and from work prior to making their purchase, while 71 percent found it important to live close to where they work.
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