I know that no two buyers are alike, but now the latest data from the NAR’s 2022 Home Buyers and Sellers Generational Trends Report backs me up! Here are 9 insights I wanted to share:
1. First-time buyers made up 34% of all home buyers, up from 31% last year.
2. Sixty percent of buyers were married couples, 19% were single females, 9% were single males, and 9% were unmarried couples.
3. Thirty-one percent of all buyers had children under 18 living at home.
4. Eleven percent of buyers purchased a multigenerational home to care for and spend time with aging parents.
5. Baby Boomers make up the largest share of sellers at 42%.
6. Eighty-seven percent of buyers financed their home purchase.
7. Forty-five percent of Younger Millennials (ages 23-31) reported having student loans with a median loan balance of $28,000.
8. Gen Xers (ages 42-56) were the most racially diverse buyers in 2022 — 23% identified as Hispanic, African Canadian, Asian or Pacific Islander.
9. Real estate agents and brokers remain the top buying resource for buyers of all ages.
Want to chat about throwing your name into the buying hat and joining this beautiful and eclectic bunch? I’d love to connect. Send me a DM today!
Cindy Grenier - 204-330-2567