Younger Boomer Buying Patterns

Homebuyers aged 53 to 62 years, Younger Boomers, accounted for 18 percent of all buyers in 2017, and were the most likely to purchase a multi-generational home (20 percent).

The median home price for this buying cohort is $249,200, the second-most expensive in the study. Additionally, Younger Boomer buyers had the second-highest median household income, $94,000. These buyers say that they wanted to purchase a multi-generational home to take care of aging parents, they have children who have not yet moved out or relatives are moving back in. The main reason driving these buyers to purchase were the desire to own their own home, they want a smaller home, or they have to move because of a job, according to the National Association of Realtors' data. Younger Boomers were also most likely to buy in rural areas than others.

Younger Boomers were the most likely to consider heating and cooling costs very important. This age group was unlikely to compromise on the price of the home as well as the quality of and distance from schools. Younger Boomers moved from their previous residence at a median of 17 miles. Younger Boomers were the most likely to look online for properties for sale as their first step in the home search process (48 percent). They were also the most likely to cite yard signs as useful search information on homes (50 percent) more than other generations. Younger Boomers were the most likely to use money from an inheritance for the downpayment of their home purchase.

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