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Generational Trends - 2023

November 1, 2022

Editorial Team

Category:
  • Interested in what age group is buying or selling in your town?
  • Millennials made up the largest share of home buyers at 43%. Boomers made up largest share of home sellers at 42%; Gen Z made up 2% of each. It is now more likely for an older millennial to be first-time seller than a first-time buyer.
  • Gen X had the highest incomes (it also had the highest share of married couples, thus more dual income), and bought the most expensive and second-largest homes.
  • Gen Xs are also the most likely to purchase multi-generational homes.
  • Gen X were most racially/ethnically diverse group: 23% identify as a race other than White; younger millennials least likely to identify as heterosexual: 9% identified with another orientation.
  • Millennials were the most educated: 90% of younger millennials had at least an associate degree.
  • Boomers moved furthest distances, primarily to be closer to family and friends, and were more likely to downsize.
  • Young millennials use tech but are the most likely to use an agent in the purchase process and most likely to use an agent to sell their home.
  • The silent generation were the most likely to move to be closer to family and purchased the smallest homes; they also had the highest percentage of military veterans.
  • Gen X and younger boomers delayed their home purchase the longest (5 years) due to debt.