Generation Y, the men and women born between 1980 and 1995, face lots of economic challenges these days, including tight credit, high debt, a tough job market, and limited home inventories. But they’re an optimistic group that generally believes in the value of a home as a solid investment.
And, they represent the largest share of recent buyers:
31% Gen Y (born between 1980 and 1995)
30% Gen X (born between 1965 and 1979)
16% Younger Boomers (born between 1955 and 1964)
14% Older Boomers (born between 1946 and 1954)
9% Silent Generation (born between 1925 and 1945)
Other interesting statistics about the Gen Y home buyer:
Their median age is 29 years old.
Their median income is $73,600/year.
The average purchase price of their home is $180,000.
This compares to the Gen X home buyer:
Their median age is 40 years old.
Their median income is $98,200/year.
The average purchase price of their home is $250,000.
If you’re a Gen X or Gen Y adult looking to find the right home investment, talk to us and let our experienced lenders and realtors help you make a smart and affordable home purchase.
Data source: 2014 NAR Home Buyer and Seller Generational Trends study, the California Association of Realtors