Here Are the Biggest Reasons Why Americans Are Selling Their Homes
The share of Baby Boomers selling their homes rose to 52% in 2022 from 42% in 2021. Those who successfully offloaded their homes in 2022 entered into the opposite end of the for-sale market as buyers, and as older Americans backed by equity wealth went toe-to-toe against first-time buyers, Boomers again topped the charts in terms of home purchases.
The most common reason to sell across generations was to be closer to friends and family, but older demographics also opted to sell due to retirement. By contrast, younger generations said they decided to sell because they wanted a bigger home or needed to relocate for work, MarketWatch reports.
Younger generations moved shorter distances, typically moving 15 miles away, the NAR noted, versus younger boomers moving away the furthest, at a median of 90 miles.
But in a twist, it’s not boomers, but members of Generation Z who plan to stay in their homes for the longest time before selling.
“Among all generations, sellers typically remained in their home for 10 years before selling, up from nine years last year,” the NAR report said. “On average, younger millennials stayed in their homes for 4 years, while older boomers sold their homes after 16 years,” it added.