Aged 55 to 64 years, younger Boomers are not in any rush to find a home. Out of all the age groups, they took the longest to make a decision, according to NAR's 2020 Home Buyer and Seller Generational Trends report. On average, they viewed a median of 10 homes and looked for a median of 12 weeks. Reasons for moving include wanting their own home, desiring to be close to friends and family, and to live in a better area. Although they bought the second most expensive houses out of all the age groups, they tended to move to rural areas and small towns over urban centers and suburbs.
Using data from the 2020 Home Buyer and Seller Generational Trends report, we see that younger boomers, buyers aged 55 to 64 years, took their time searching to find their forever home. This age group made up 18% of all homebuyers in 2019, consistent with the previous year. The median age for this group was 60 years old and they were born between 1955 and 1964. Younger boomers had the second-highest share of single female buyers (21%), the same as the silent generation.
For younger boomers, the primary reasons they purchased homes were the desire to own a home of their own (17%), the desire to be closer to friends and family (14%), and desire to live in a better area (10%). Thirteen percent purchased a home for the first time. They searched the longest of any age group for a median of 12 weeks, viewing a median of 10 homes, and had a median expected tenure in their home of 20 years.
Younger boomers were less likely to purchase in the suburbs (41%) and more likely to purchase in small towns (27%) or rural areas (16%) as compared to other generations. They had the third-highest median household income at $94,400 this year, now behind older millennials. They also purchased the second-most expensive homes of all generations at a median home price of $250,500 at a median size of 1,800 square feet. Younger boomers purchased the second-highest share of multi-generation homes at 16%, second only to the silent generation. Nine in ten younger boomers purchased their home through a real estate agent or broker.
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