By: P. Dennis Connelly at CRS Long & Foster Real Estate
How different are the generations when it comes to homeownership? While Millennials are entering the home-buying game later than earlier generations, their desire to achieve the American Dream remains and, in fact, is stronger than previous generations.
That’s just one difference between Millennials, Gen Xers, Boomers and Silents, and here are a few more facts about their real estate preferences, according to the National Association of Realtors’ 2019 Home Buyer and Seller Generation Trends study.
Which generation is buying the most homes these days? That would be the Millennials, who have been the most active generation for six years running and represent over one-third of buyers overall.
Are low inventory and high housing costs driving any generational shifts? With fewer homes on the market and increasing housing costs, more multi-generational households are forming. Of Gen Xers who bought a multi-generational home, over half made that purchase to accommodate their adult children.
What similarities exist between the generations? Older Millennials (born between 1980 to 1989), Gen Xers and younger Boomers now have closer income levels and, as a result, their purchasing habits in terms of house size and cost are closer together.
How do the generations buy (and sell) real estate? All generations continue to value the advice, insights and knowledge of professional real estate agents like me. In fact, 92% of younger Millennials (born between 1990 to 1998) worked with a Realtor to buy their home.
If you are thinking about buying or selling a home this fall, let me know. I’m a practiced negotiator, trusted advisor, skilled house hunter and local market expert. I’ll diligently work for you on every step of your journey home.
Dennis Connelly, GRI, CRS