A recent report on home buyer and seller trends from the National Association of Realtors breaks down everything from types of homes purchased, to the value of online search for each generation in the market.
Builder has pulled three metrics from the dense report about home buyers: which generation comprises the largest share of home buyers, what size home is most common for each generation, and how much traction multi-generational homes are gaining in the housing market for each age group.
The median sale price of homes purchased by all buyers was $200,000, up from last year's $187,700.
Breakdown of median price by generation:
Gen Y: $180,000
Gen X: $250,000
Younger Boomers: $220,000
Older Boomers: $200,000
Silent Generation: $205,000
For all buyers, The median number of bedrooms and full bathrooms in homes purchased were three beds, and two baths. Gen Y had the highest percentage of buyers (89 percent) who purchased a home with three bedrooms or more (a median of four bedrooms), as well as the highest percentage of homes purchased with three full bathrooms or more (31 percent).
In line with home trends discussed at the International Builders' Show this year, multi-generational homes are gaining traction among home buyers. This makes it all the more important for builders to make aging-in-place options available for buyers looking for these types of homes.
For the 14 percent of buyers who purchased a multi-generational home, main drivers of their purchase were:
Children over 18 moving back into the house: 24%
Cost savings: 24%
Health/caretaking of aging parents: 20%
To spend more time with aging parents: 11%
Methodology of the 2014 Home Buyer and Seller Generational Trends Report: A 122 question survey was mailed out, using a random sample weighted to be representative of sales on a geographic basis to 148,011 recent home buyers. The recent home buyers had to have purchased a home between July of 2012 and June of 2013. A total of 8,767 responses were received. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 6.1 percent.