Home Buyer Behavior Reveals Generational TrendsPosted 03/27/2014
Between the rise of the boomer generation and the ever-examined millennials of Gen Y, invaluable information for seemingly every industry can be gleaned from studying various age groups. Home building and buying are of no exception. A recent report conducted by the National Association of Realtors examined the buying patterns of five segments to determine three key factors: who makes up the largest share of buyers, what size homes are they buying, and just how much traction does the multi-generational model really have?
To the first point, the generational share of buyers was almost evenly split between Gen X and Gen Y, at 30 and 31 percent, respectively. Boomers also took 30 percent of the share, 16 of which belongs to the ‘younger boomers’ and 14 to the older. Meanwhile, the silent generation accounted for 9 percent. While the median home price is on the rise, up to $200,000 from last year’s $187,7000, Gen X was found to do the highest portion of the spending, coming in at an average of $250,000 per home. The most common size of a Gen X’ers home? Between 1,501 and 2,000 square feet, accounting for the median size of 1,900 square feet across all buyers.
But perhaps most interestingly, multi-generational households are in fact gaining traction among buyers. Fourteen percent of all buyers purchased a multi-gen home, citing various reasons for their decision. An even split: “children 18+ moving back home” and “cost savings,” each accounting for 24 percent of responses. “Caretaking of aging parents” was a reason also well-represented at 20 percent.
As a builder, this data only underscores the variety of generational considerations in each of our new Arizona homes. From separate generational suites and casitas, to transformative bonus rooms for more temporary solutions, Maracay Homes remains dedicated to providing choices for the way our buyers want to live. It’s so much more than just a tagline.
For more information on the multi-generational options available, contact the sales representative in your community.
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