Generational Home Purchases Highlight Evolving Buyer Preferences
Homebuying habits are evolving along with new generations of buyers, particularly as differences in buying power, family situations, and design preferences shape demand in a competitive market. Gen X homebuyers purchased the most expensive homes with an average price tag of $320,000, while younger Millennials finalized home sales on the least expensive homes with a median price of $250,000, according to the National Association of Realtors’ 2022 Home Buyers and Sellers Generational Trends report.
The most common type of home purchased is a detached single-family home, making up 82% of total homes purchased by all generations, and while budget-conscious Millennial and Gen X buyers made purchases on older homes, baby boomers backed by home-equity wealth secured the newest homes.
Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity, at 36%. Buyers who purchased previously owned homes most often considered them a better value, at 38%. Buyers aged 57 and older were more likely to purchase a new home for the ability to choose and customize design features.