Younger Boomers Are Group Most Likely To Buy A Multi-Generational Home

April 13, 2017

People between 52 and 61 constituted 16 percent of all homebuyers last year. They were the age group most likely to buy a multi-generational home, accounting for 20 percent of the purchases.

NAR’s Economists’ Outlook profiled Younger Boomers and their homebuying preferences. Younger Boomers have the second highest median household income at $93,800, and they buy the second most expensive homes, at a median home price of $230,000. They aren’t as keen on the suburbs as other generations, but they do like to buy homes in rural areas.

For Younger Boomers, the primary reasons they purchased homes are a job-related relocation or move (11 percent), desire to be closer to friends and family (10 percent), and the desire for a smaller home (10 percent), more than other generations.

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PB-Sales,PB-Economics,PB-Single Family Homes