The median age for a typical buyer is 41-years-old, the largest share of home buyers are Millennials. They account for 42 percent of all home buyers and 61 percent of all first-time buyers. While Millennials account for the largest single share of buyers, two other generations account for another 50%- Gen X, between the ages of 39 and 53, comprises 26% of buyers, and Baby Boomers, between the ages of 54 and 73, account for 24%. Gen Z, young adults between the ages of 18 and 23, only make up 3%of buyers, and the Silent Generation, 74 and older, comprises 4 percent.
TODAY’S BUYERS: YOUNG, EDUCATED AND MARRIED
The typical first-time buyer is 34-years-old, compared with 52-years-old for experienced buyers who have purchased one or more homes. First-timers comprise almost half of buyers, and more than 6 in 10 first-time home buyers are Millennials.
Today’s average buyer earns an annual median household income of $72,500. Nearly a third of buyer households earn less than $50,000 and a third earn more than $100,000.
Most buyers are married, while 16% are single and have never married. Nine percent of buyers live with a partner, and 11% are divorced, separated or widowed. An large majority of buyers – 86% – live with others, mostly family, while 7% have roommates and 5% live with renters or tenants.
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