Over half of recent home sales were to Generation X’ers or Y’ers

Over half (59 percent)  of recent sales were to two generations, the X’ers (born between 1965 and 1979) with a median age of 39 and the Y’ers (born between 1980 and 2000) with a median age of 28,  according to the National Association of REALTORS Home Buyer and Seller Generation Trends Report.

The report also reveals that recent home buyers are happy with their purchase, with 80 percent saying they feel their home was a good financial investment.  An even larger percentage, 85 percent, of buyers age 32 and under feel their home purchases were good investments.

Who is buying homes?

The study revealed that 31 percent of the homes sold recently were sold to the Generation X generation comprised of people born between 1965 and 1979.  The median age of the Generation X home buyers was 39 and their median income was $93,100.  Twenty-eight  percent of the homes sold were bought by people in the Generation Y generation, people born between 1980 and 2000. The median age of the Generation Y home buyer was 28 and their median income was $66,200.

What type of homes are they buying?

Generation Y home buyers typically bought a 1,700 square foot home costing $165,000.

Generation X home buyers typically bought a 2,100 square foot home at a median price of $235,000.

Both generation X and Y home buyers tended to stay close to their previous residence, most typically staying within 10 miles.  These buyers also typically bought in an urban or central city area.  Important features to the younger home buyers included commuting costs at the top of the list.