When it comes to home buying, Generation Y is on top of their game!
The Lawhead Team would like to share the latest “One Cool Thing” about different age groups’ interest in buying a home and how Generation Y is at the top of the home buying list.
Although millennial face multiple challenges, including tight credit, limited inventory, and high debt loads, Generation Y sees a home as a good investment, and comprises one-third of recent buyers.
Who’s ready to buy?
- 9% of those looking to buy are the Silent Generation (born between 1925 and 1945)
- 14% of those looking to buy are Older Boomers (born between 1946 and 1954)
- 16% of those looking to buy are Younger Boomers (born between 1955 and 1964)
- 30% of those looking to buy are Generation X (born between 1965 and 1979)
- 31% of those looking to buy are Generation Y (born between 1980 and 1995)
The median income of Generation Y is $73,600. The median age of the Generation Y home buyer is 29 years old and the average home purchase price is around $180,000.
The median income of Generation X is $98,200. The median age of the Generation X home buyer is 40 years old and the average home purchase price is about $250,000.
Check out the California Association of Realtors® “One Cool Thing” about Generation Y.