Buyers between the ages of 71 and 91 constituted only 8 percent of all homebuyers in 2016, the smallest share of all the generations.
The NAR Economists’ Outlook blog gave a breakdown of the Silent Generation. Compared to other generations, this group has the lowest median household income ($66,600) and buys homes with the lowest median price ($220,000). The group also has the largest share of new-home buyers (21 percent).
Buyers in the Silent Generation value a home that’s near shopping, but aren’t as concerned with the quality of nearby schools. They also like homes in small towns.
These buyers are the most likely to purchase a duplex, apartment, or condominium at 17 percent and townhouse at nine percent. … The age group of buyers 71 to 91 years are the highest share among generations to purchase for the desire for a smaller home and to be closer to friends and family (both at 23 percent).
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds beach homes to be the most sought-after vacation-home type and that the investment potential of a second home is an important factor in the purchasing decision
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable