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March 2014
2014 National Association of Realtors Home Buyer and Seller Generational Trends
Contents
Highlights ...................................................................................................................3
Characteristics of Home Buyers ........................................................................... 7
Characteristics of Homes Purchased ................................................................. 21
The Home Search Process .................................................................................. 37
Home Buying and Real Estate Professionals...................................................... 50
Financing the Home Purchase ........................................................................... 64
Home Sellers and Their Selling Experience ....................................................... 75
Home Selling and Real Estate Professionals ...................................................... 99
Methodology ........................................................................................................110
2014 National Association of Realtors Home Buyer and Seller Generational Trends
Highlights
Characteristics of Home Buyers
Gen Y comprises the largest share of home buyers at 31 percent, followed by Gen X at 30
percent, and both Younger (16 percent) and Older Boomers (14 percent) at 30 percent. The
Silent Generation has the smallest share of home buyers at nine percent.
While the demographics of recent buyers fall mostly in the expected range, income peaks for
ages 34 to 58, and the prevalence of children in the home peaks for buyers 34 to 48.
Gen Y has the largest share of first-time buyers at 76 percent. The share of first-time buyers
declines as age increases. Among the Silent Generation only two percent of buyers are first-time
buyers.
Fourteen percent of all buyers purchased a multi-generational home, one in which the home
consists of adult children over the age of 18, and/or grandparents residing in the home. This is
most common among Younger Boomers aged 49 to 58 at 22 percent. The most common reason
for this living arrangement among Younger Boomers was children over 18 moving back into the
house (38 percent), followed by cost savings (18 percent), and health/caretaking of aging
parents (15 percent).
The prior living arrangement varies greatly for recent home buyers. Among those who are 33
and younger, 62 percent rented an apartment and 20 percent lived with parents, relatives, or
friends. Among those who are older than 48 years of age more than half owned their previous
residence.
About half of Gen Y buyers primarily purchased a home just for the desire to own a home of their
own. Gen X placed a high importance on owning a home of their own, but many needed a
larger home and needed to move for a job-related relocation. Older Boomers and the Silent
Generation are more likely to move for retirement, the desire to be closer to friends, family, and
relatives, and the desire for a smaller home.
As age increases among recent home buyers, the rate of owning more than one home also
increases.
At least 80 percent of buyers who are aged 58 and younger bought a detached single-family
home, while it is increasingly common for buyers over the age of 58 to purchase townhouses
and condos.
Fourteen percent of buyers over the age of 49 purchased a home in senior-related housing for
themselves or others. This is most common for buyers over the age of 68, a category in which
over one-quarter of buyers purchased a home in senior-related housing.
Gen Y and Gen X tend to stay close to their previous residence, often staying within 10 miles,
while the Silent Generation tends to move longer distances, typically 30 miles from their previous
home.
Younger buyers tend to buy older homes, and are more likely to buy previously owned homes.
Most often they do so because the home is a better price and better overall value. Boomers are
more likely than other generations to purchase a new home, most often doing so to avoid
renovations or problems with plumbing or electricity and for the ability to choose and customize
design features.
Neighborhood factors which are important to buyers show strong connections to the buyers
generation. Gen Y places the highest preference compared to other generations on
convenience to job as well as affordability of homes. As buyers start to have children in school,
the quality of school districts and convenience to schools starts to have a larger importance
this is most often true for Gen X. Older Boomers and the Silent Generation place higher priority on
2014 National Association of Realtors Home Buyer and Seller Generational Trends
Among all generations of home buyers the first step in the home buying process is looking online
for properties for sale. Gen Y is most likely among generations to also look online for information
about the home buying process, while the Silent Generation is most likely to contact a real
estate agent.
As age increases, the search time for a home decreases. Buyers aged under 59 tend to search
for a home for 12 weeks before finding a home. Buyers aged 59 to 67 tend to look for 10 weeks.
Buyers 68 to 88 search for a full month shorter than the youngest buyersjust 8 weeks.
Younger generations of buyers typically find the home they purchase through the internet, while
older generations of buyers first found the home they purchased through their real estate agent.
As ages increases the home buyer is less likely to consider purchasing a home in foreclosure.
The frequency of internet use in the home search process was directly related to age. Younger
buyers are not only more likely to use the internet during their search, but they also use the
internet more frequently during their home search process. Older buyers are more likely than
younger buyers to be more occasional users during their home search.
More than half of Gen Y and Gen X buyers used a mobile device during their home search.
Among those who did, 26 percent of Gen Y and 22 percent of Gen X found the home they
ultimately purchased via a mobile device.
Home buyer satisfaction with the home buying process increases as age increases. This may be
due to not only tightened inventory in lower price brackets, but also realistic expectations of
older buyers who are often repeat buyers.
Buyers gain many benefits from working with a real estate agent. Among age groups, younger
buyers are more likely to want the agent to help them understand the process as they are more
likely to have never purchased a home before. Buyers all benefit from their agent pointing out
unnoticed features and faults in a property. All buyers most want their agent to help find the
right home to purchase.
Younger buyers were predominately referred to their agent through a friend, neighbor, or
relative, while older buyers were more likely to use an agent again that they previously used to
buy or sell a home.
Younger and older buyers were equally likely to use online recommendationsaccounting for a
small share of buyers between them at six percent; however, younger buyers were more likely to
report that while they did not use online recommendations during this home search they would
consider using them the next time they purchased a home.
When choosing an agent, younger buyers were more likely to place the agents honesty and
trustworthiness as a higher factor than older buyers, while older buyers rate the agents
reputation and their knowledge of the neighborhood as a higher factorperhaps because
older buyers tend to move longer distances and may not necessarily know the neighborhood.
2014 National Association of Realtors Home Buyer and Seller Generational Trends
Younger buyers tend to place higher importance than older buyers on agents communication
via email and text message, while older buyers place higher importance on personal calls.
Overall 88 percent of recent buyers financed their home purchase. Nearly all (97 percent) of
Gen Y buyers financed compared to just 55 percent of Silent Generation buyers.
When financing the home purchase, younger buyers also financed larger sharesthe typical
Gen Y downpayment is five percent and Gen X is 10 percent compared to 23 percent among
the Silent Generation.
Buyers have a variety of sources for a downpayment on a home. The source is predominately
savings for younger buyers, while older buyers are more likely than younger buyers to use
proceeds from a sale of a primary residence. Younger buyers are also more likely to use a gift or
loan from a relative or friend.
Twelve percent of buyers overall cited saving for a downpayment was difficult. Among these
buyers, 43 percent of buyers reported student loans, 38 percent reported credit card debt, and
31 percent car loans. This was most common among Gen Y and Gen X buyers who are most
likely to use savings as a downpayment source20 percent of Gen Y and 15 percent of Gen X
had a difficult time saving. Among this 20 percent of Gen Y, 56 percent reported student loans
held them back from saving. Among the 15 percent of Gen X, 46 percent found credit card
debt held them back from saving and 35 percent reported student loans affected saving.
Despite record housing affordability, many buyers are still making financial sacrifices. About half
of Gen Y and Gen X buyers made sacrifices. Common sacrifices were cutting spending on luxury
or non-essential items, cutting spending on entertainment, or cutting spending on clothes.
Younger buyers were considerably more optimistic that their home purchase was a good
financial investment in comparison to older buyers. Eighty-seven percent of buyers under 33
considered their purchase a good financial investment compared to 74 percent of buyers 68
years of age and older.
Among the generations, Gen X (29 percent) is the largest group who are recent home sellers
followed by both Older Boomers (22 percent) and Younger Boomers (21 percent).
As age increases, the rate of marriage among sellers declines and the rate of single female
households increases; perhaps due to death, divorce, and also single female first-time buyers
tend to be older as a household type.
Eighty-one percent of Gen Y sellers are first-time sellers compared to just 15 percent of sellers in
the Older Boomer segment and 13 percent of Silent Generation sellers.
Older buyers tend to move further distances, and are more likely than younger buyers to buy in
other regions and less likely than younger buyers to buy in the same state as the home sold.
There is a clear trend of moving to larger, higher priced homes for Gen Y and Gen X, moving into
a similar home for Younger Boomers, and downsizing in both square footage and price for Older
Boomers and the Silent Generation.
The reasons for selling a home vary, however, for younger buyers many want to upgrade to a
larger home or to accommodate job relocation. In comparison, for older buyers many opt for a
smaller home due to retirement, because the upkeep of the home is too difficult due to health
or financial limitations, or to be closer to friends and family.
Thirteen percent of sellers wanted to sell their home earlier than they were able to but waited or
stalled because their home was worth less than their mortgage. This is most common among
Gen Y (17 percent) and Gen X (19 percent) sellers.
Typically, the older the home seller, the longer the tenure in their home has beenthis is a factor
in fewer sellers who had to stall the sale of their home. In general, the longer the seller owns the
home, the more equity the seller has in their home.
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All age groups of sellers are most likely to find their selling agent by referral from a friend,
neighbor or relative or use an agent that they previously used to buy or sell a home.
Younger sellers are more likely to use the same real estate agent or broker for their home
purchase than older sellers, likely as they are typically moving closer to their previous residence.
Youngers sellers typically want their selling agent to help sell the home within a specific
timeframe and price their home competitively, while older sellers are more likely to want their
selling agent to help seller market the home to potential buyers. This is likely due to the reasons
behind moving as younger sellers are more likely to need to move for a larger home or for a job
relocationseemingly more time sensitive, while older sellers are more likely moving due to
retirement and to be closer to friends and family.
Middle-aged sellers are more likely to initiate discussions about compensation with their real
estate agent than both younger and older sellers.
2014 National Association of Realtors Home Buyer and Seller Generational Trends
Exhibit 1-1
Exhibit 1-2
Exhibit 1-3
Exhibit 1-4
Exhibit 1-5
Exhibit 1-6
Exhibit 1-7
Exhibit 1-8
Exhibit 1-9
Exhibit 1-10
Exhibit 1-11
Exhibit 1-12
Exhibit 1-13
2014 National Association of Realtors Home Buyer and Seller Generational Trends
Year Born:
1980-1995
1965-1979
1955-1964
1946-1954
1925-1945
Age in 2013:
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
Percent in
Category
31%
30
16
14
9
2014 National Association of Realtors Home Buyer and Seller Generational Trends
Median Age
in Group
29
40
53
63
72
All Buyers
3%
6
8
8
9
9
8
11
14
8
5
3
8
$83,300
33 and younger
3%
7
10
9
13
10
10
13
12
6
4
1
3
$73,600
34 to 48
2%
3
5
8
7
8
8
12
16
10
7
4
13
$98,200
2014 National Association of Realtors Home Buyer and Seller Generational Trends
49 to 58
5%
6
6
7
7
7
6
10
16
9
6
4
13
$95,400
59 to 67 68 to 88
5%
6%
8
11
8
10
7
12
8
10
11
10
8
9
11
8
13
10
8
6
5
4
3
2
8
3
$81,100 $66,200
Married couple
Single female
Single male
Unmarried couple
Other
All Buyers
66%
16
9
7
2
33 and younger 34 to 48 49 to 58 59 to 67
63%
72%
59%
65%
14
14
21
21
8
7
13
10
14
6
5
2
1
1
2
3
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
70%
18
7
4
2
All Buyers
None
60%
One
18
Two
15
Three or more
7
33 and younger
56%
23
15
7
34 to 48
33%
23
29
15
49 to 58
73%
17
7
3
59 to 67
93%
4
2
1
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
94%
4
2
*
Multi-generational household
Reasons for purchase:
Children over 18 moving back into the house
Cost Savings
Health/Caretaking of aging parents
To spend more time with aging parents
Other
All Buyers
14%
33 and younger
6%
24%
24
20
11
22
1%
33
17
20
29
2014 National Association of Realtors Home Buyer and Seller Generational Trends
34 to 48 49 to 58
12%
22%
19%
31
23
15
14
38%
18
15
8
21
59 to 67
16%
68 to 88
18%
33%
16
19
7
25
23%
21
27
4
25
All Buyers
86%
6
5
4
2
33 and younger
87%
7
3
5
1
34 to 48
80%
7
6
8
3
49 to 58 59 to 67 68 to 88
86%
93%
93%
5
3
3
4
2
1
3
2
3
4
1
1
2014 National Association of Realtors Home Buyer and Seller Generational Trends
English
Other
All Buyers
96%
4
33 and younger
97%
3
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
98%
2
68 to 88
97%
3
All Buyers
91%
9
33 and younger
94%
6
34 to 48
85%
15
2014 National Association of Realtors Home Buyer and Seller Generational Trends
49 to 58
91%
9
59 to 67
94%
6
68 to 88
93%
7
76%
80%
All Buyers
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
38%
76%
35%
16%
9%
2%
70%
60%
50%
38%
35%
40%
30%
16%
20%
9%
10%
2%
0%
All Buyers
33 and
younger
2014 National Association of Realtors Home Buyer and Seller Generational Trends
34 to 48
49 to 58
59 to 67
68 to 88
All Buyers
Rented an apartment or house
Owned previous residence
Lived with parents, relatives or friends
Rented the home buyer ultimately purchased
44%
44
11
1
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
11%
83
4
1
All Buyers
Desire to own a home of my own
Desire for larger home
Job-related relocation or move
Change in family situation
Desire to be closer to family/friends/relatives
Desire for a home in a better area
Affordability of homes
Desire for smaller home
Retirement
Desire to be closer to job/school/transit
Establish household
Financial security
Desire for a newly built or custom-built home
Greater number of homes on the market for
sale/better choice
Tax benefits
Desire for vacation home/investment property
Purchased home for family member or relative
Other
30%
12
8
7
6
6
6
5
5
4
3
2
1
1
1
*
*
4
2014 National Association of Realtors Home Buyer and Seller Generational Trends
1
*
*
*
2
*
1
*
*
3
1
1
1
*
5
1
*
*
*
5
68 to 88
7%
3
2
5
25
7
3
21
13
7
*
1
1
1
*
1
2
7
All Buyers
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
36%
41%
35%
32%
33%
37%
19
23
19
18
18
10
15
18
15
15
13
15
15
17
19
17
16
11
7
1
3
1
6
1
8
2
11
1
10
2
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Buyers
Recently purchased home only
One or more investment properties
Previous homes that buyer is trying to sell
Primary residence
One or more vacation homes
Other
81%
9
4
2
3
2
33 and younger
91%
6
1
2
1
0
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
73%
10
7
2
5
3
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Buyers
16%
84
33 and younger
13%
87
34 to 48
15%
85
2014 National Association of Realtors Home Buyer and Seller Generational Trends
49 to 58
16%
84
59 to 67
21%
79
68 to 88
15%
86
New Home:
Avoid renovations or problems with
plumbing or electricity
Ability to choose and customize design
features
Amenities of new home construction
communities
Lack of inventory of previously owned
home
Green/energy efficiency
Other
Previously Owned Home:
Better price
Better overall value
More charm and character
Lack of inventory of new homes
Other
All Buyers
16%
32%
38%
32%
36%
25%
20%
25
24
32
21
19
22
14
13
10
24
29
10
6
13
84%
30%
28
17
9
16
10
6
9
87%
38%
29
16
7
10
12
6
10
85%
27%
27
19
13
15
10
8
16
84%
25%
29
18
9
20
9
8
16
79%
28%
28
17
8
20
2
3
25
86%
23%
28
12
9
28
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Buyers
Detached single-family home
Townhouse/row house
Apartment/condo in building
with 5 or more units
Duplex/apartment/condo in 2 to
4 unit building
Other
80%
7
5
33 and younger
82%
7
4
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
66%
8
11
All Buyers
53%
18
16
11
3
33 and younger
55%
16
19
10
*
2014 National Association of Realtors Home Buyer and Seller Generational Trends
34 to 48
56%
17
16
10
1
49 to 58
50%
17
16
14
3
59 to 67 68 to 88
51%
47%
19
24
12
13
11
8
7
8
2014 National Association of Realtors Home Buyer and Seller Generational Trends
14%
5%
16%
26%
58%
10
10
8
15
70%
12
4
*
14
59%
10
11
5
15
52%
9
11
13
15
48%
16
10
6
20
29%
18
12
12
29
53%
15
7
7
18
48%
17
13
4
19
Miles
All Buyers
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
12
10
10
15
20
30
60
50
40
30
30
20
20
15
12
10
10
33 and
younger
34 to 48
10
0
All Buyers
2014 National Association of Realtors Home Buyer and Seller Generational Trends
49 to 58
59 to 67
68 to 88
All Buyers
63%
48
40
38
29
28
26
22
20
19
17
11
9
7
6
5
2014 National Association of Realtors Home Buyer and Seller Generational Trends
33 and younger
69%
67
50
44
41
27
21
29
24
24
18
6
6
8
4
3
34 to 48
65%
55
38
33
43
28
25
36
19
19
20
6
6
8
5
4
49 to 58 59 to 67 68 to 88
59%
57%
55%
46
22
5
36
36
30
30
42
48
14
7
4
27
33
29
25
35
35
12
4
2
16
21
15
17
15
14
18
15
9
9
22
27
8
14
21
5
4
6
7
8
7
6
9
8
All Buyers
5%
6
8
10
9
9
14
11
8
5
7
9
$210,000
33 and younger
5%
7
11
12
12
11
14
9
7
4
5
4
$180,000
34 to 48
3%
4
6
8
8
8
14
12
10
5
8
15
$250,000
2014 National Association of Realtors Home Buyer and Seller Generational Trends
49 to 58 59 to 67 68 to 88
7%
8%
5%
7
7
7
7
8
7
9
8
12
8
8
10
6
10
9
12
16
15
11
9
13
7
6
5
7
5
3
8
7
6
11
7
8
$220,000 $200,000 $205,000
All Buyers
11%
17
34
25
11
2
33 and younger
10%
17
35
24
13
2
34 to 48
11%
16
34
26
11
2
49 to 58
10%
16
40
23
9
2
59 to 67
14%
17
30
27
10
2
68 to 88
13%
21
34
24
8
1
98%
98%
98%
98%
97%
97%
2014 National Association of Realtors Home Buyer and Seller Generational Trends
1%
13
27
25
15
9
10
1,900
33 and younger
1%
17
30
24
15
9
5
1,800
34 to 48
1%
11
20
24
18
12
15
2,130
2014 National Association of Realtors Home Buyer and Seller Generational Trends
49 to 58
1%
13
27
25
14
8
12
1,900
59 to 67
*
13
31
27
14
8
8
1,850
68 to 88
*
14
32
29
12
9
5
1,800
All Buyers
One bedroom
Two bedrooms
Three bedrooms or more
Median number of bedrooms
One full bathroom
Two full bathrooms
Three full bathrooms or more
Median number of full bathrooms
1%
15
84
3
16
61
23
2
33 and younger
1%
12
87
3
23
62
15
2
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
2%
21
77
3
12
65
23
2
68 to 88
1%
30
69
3
9
72
19
2
2012
2009 through 2011
2006 through 2008
2001 through 2005
1986 through 2000
1959 through 1985
1912 through 1960
1911 or earlier
Median
All Buyers
14%
3
8
11
22
23
17
2
1992
33 and younger
12%
3
7
10
20
24
21
3
1986
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
13%
2
11
13
32
21
7
2
1996
All Buyers
33 and younger
36%
32
21
36%
34%
40%
34%
33%
37
17
36
21
34
25
19
25
15
24
22
10
19
7
23
8
25
11
24
14
27
14
10
11
14
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
All Buyers
Price of home
Size of home
Condition of home
Distance from job
Lot size
Style of home
Distance from friends or family
Quality of the neighborhood
Quality of the schools
Distance from school
None - Made no compromises
Other compromises not listed
20%
18
17
14
14
13
6
5
3
2
33
8
33 and younger
22%
18
16
21
18
14
9
5
6
2
23
8
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
19%
18
12
2
10
8
6
4
*
*
54
6
All Buyers
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 or more years
Don't Know
Median
1%
2
9
3
15
6
27
37
15
33 and younger
1%
3
15
4
19
6
22
31
10
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
2%
2
6
1
10
6
29
44
20
68 to 88
2%
1
5
1
13
8
15
56
15
2014 National Association of Realtors Home Buyer and Seller Generational Trends
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Buyers
33 and younger
42%
17
14
7
6
5
3
2
1
1
1
41%
13
18
4
9
9
2
1
1
1
1
46%
15
14
5
7
5
2
1
1
1
2
44%
20
11
8
6
3
3
2
2
1
*
41%
21
8
10
3
3
4
3
2
1
1
35%
28
6
10
2
3
7
2
3
2
*
1
*
*
1
1
*
1
*
*
*
*
*
1
*
*
*
*
1
68 to 88
All Buyers
Online website
Real estate agent
Yard sign
Open house
Mobile or tablet website or application
Mobile or tablet search engine
Online video site
Print newspaper advertisement
Home builder
Home book or magazine
Billboard
Television
Relocation company
89%
89
51
45
33 and younger
94%
90
50
42
45
58
53
42
27
23
17
15
5
4
3
55
20
18
14
14
3
4
2
50
28
21
19
15
6
5
4
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
82%
86
49
45
68 to 88
73%
89
52
41
34
20
16
31
34
27
18
14
5
4
3
20
32
30
18
17
3
4
2
15
30
32
5
17
5
3
2
All Buyers
12
2
10
33 and younger 34 to 48 49 to 58 59 to 67
12
12
12
10
2
10
2014 National Association of Realtors Home Buyer and Seller Generational Trends
2
10
2
10
2
10
68 to 88
8
2
10
All Buyers
Internet
43%
Real estate agent
33
Yard sign/open house sign
9
Friend, relative or neighbor
6
Home builder or their agent
5
Directly from sellers/Knew the sellers
2
Print newspaper advertisement
1
Home book or magazine
*
Other
1
33 and younger
52%
31
7
4
4
2
*
*
*
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
24%
44
13
9
4
3
2
*
1
All Buyers
49%
2014 National Association of Realtors Home Buyer and Seller Generational Trends
30
16
14
5
4
3
33 and younger 34 to 48
38%
47%
37
19
20
7
5
5
31
18
13
6
5
3
49 to 58
50%
59 to 67
63%
68 to 88
69%
28
15
14
5
4
3
21
13
10
3
4
3
22
7
7
1
3
2
68 to 88
52%
24
54%
27
53%
24
52%
23
48%
21
48%
19
15
12
12
6
16
6
24
15
20
7
9
6
15
13
15
8
13
7
10
10
7
5
19
5
9
9
2
6
24
5
8
6
1
2
31
6
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Buyers
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
Occasionally
11%
5%
8%
13%
18%
22%
8%
11%
13%
80%
18%
70%
22%
60%
50%
92%
40%
88%
81%
78%
69%
30%
51%
20%
10%
0%
All Buyers
33 and younger
34 to 48
Frequently
2014 National Association of Realtors Home Buyer and Seller Generational Trends
49 to 58
Occasionally
59 to 67
68 to 88
All Buyers
75%
63
30
24
33 and younger
77%
65
30
31
13
13
8
8
7
22
15
7
10
9
2014 National Association of Realtors Home Buyer and Seller Generational Trends
7
14
9
8
5
5
10
10
6
5
68 to 88
65%
48
43
17
2
9
7
5
5
Household Composition
Married couple
Single female
Single male
Unmarried couple
Other
Median age (years)
Median income (2012)
All Buyers
67%
15
9
8
1
41
$84,500
33 and younger
63%
14
8
14
1
29
$74,200
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
76%
13
7
3
1
71
$68,400
Photos
Detailed information about properties for sale
Virtual video tours
Interactive maps
Real estate agent contact information
Neighborhood information
Detailed information about recently sold properties
Pending sales/contract status
Information about upcoming open houses
Videos
Real estate news or articles
All Buyers
83%
79
43
40
39
34
33
31
21
19
6
2014 National Association of Realtors Home Buyer and Seller Generational Trends
33 and younger
85%
80
40
43
36
37
31
35
20
18
6
68 to 88
72%
74
44
25
54
29
29
17
12
21
8
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Buyers
47%
40
24
22
8
5
4
4
33 and younger
52%
40
30
26
8
5
6
3
68 to 88
36%
47
15
23
3
3
3
3
Very Satisfied
Somewhat Satisfied
Somewhat Dissatisfied
Very Dissatisfied
All Buyers
57%
34
7
2
33 and younger
56%
36
6
2
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
65%
27
6
2
2014 National Association of Realtors Home Buyer and Seller Generational Trends
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
83%
11
5
3
2
68 to 88
87%
7
5
2
3
All Buyers
30%
20
12
20
17
33 and younger
26%
22
11
22
19
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
35%
19
9
18
20
All Buyers
42%
19
26
13
33 and younger
42%
18
24
17
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
39%
19
30
12
68 to 88
38%
23
30
9
All Buyers
Help find the right home to purchase
Help buyer negotiate the terms of sale
Help with the price negotiations
Determine what comparable homes were selling for
Help with paperwork
Help determining how much home buyer can afford
Help find and arrange financing
Help teach buyer more about neighborhood or area
(restaurants, parks, public transportation)
Other
53%
12
11
8
7
3
3
1
2014 National Association of Realtors Home Buyer and Seller Generational Trends
1
2
1
1
2
2
1
2
68 to 88
52%
13
10
10
7
1
3
1
3
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
42%
48
39
45
39
36
34
16
11
17
11
*
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
32%
18
6
6
9
5
1
8
3
2
1
*
*
*
11
All Buyers
One
Two
Three
Four or more
66%
20
10
5
33 and younger
66%
20
10
4
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
70%
17
9
5
68 to 88
70%
17
7
6
All Buyers
33 and younger
6%
6%
6%
5%
6%
7%
60
68
66
56
48
38
29
21
23
32
40
50
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
All Buyers
25%
21
16
12
8
6
68 to 88
17%
25
17
15
5
7
3
1
3
2
1
2
3
1
3
3
1
4
3
2
4
7
2
2
2014 National Association of Realtors Home Buyer and Seller Generational Trends
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
98%
92
89
88
80
83
80
81
52
All Buyers
Calls personally to inform of activities
Sends postings as soon as a property is
listed/the price changes/under contract
Sends emails about specific needs
Can send market reports on recent listings
and sales
Sends property info and communicates via
text message
Has a web page
Has a mobile site to show properties
Sends an email newsletter
Advertises in newspapers
Is active on Facebook
Has a blog
78%
68 to 88
82%
72
61
75
66
75
63
69
58
70
56
65
51
54
53
58
56
51
48
49
33
23
11
6
3
1
56
33
25
9
3
5
*
53
33
25
9
5
3
1
44
36
21
14
7
2
2
38
32
21
14
10
3
*
37
30
21
19
12
2
2
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Buyers
87%
87
86
84
83
82
82
77
73
33 and younger
88%
88
86
84
83
83
82
80
73
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
88%
90
85
80
84
83
83
77
76
Definitely
Probably
Probably Not
Definitely Not
Don't Know
All Buyers
73%
15
6
4
2
33 and younger
74%
15
6
4
1
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
76%
13
6
4
2
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Buyers
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
88%
97%
96%
86%
74%
55%
97%
100
96%
88%
86%
80
74%
55%
60
40
20
0
All Buyers
33 and
younger
34 to 48
49 to 58
Age
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
68 to 88
All Buyers
Less than 50%
50% to 59%
60% to 69%
70% to 79%
80% to 89%
90% to 94%
95% to 99%
100% Financed the entire
purchase price with a mortgage
Median percent financed
9%
3
4
12
20
14
24
14
33 and younger
4%
1
2
6
17
18
37
15
90%
95%
2014 National Association of Realtors Home Buyer and Seller Generational Trends
90%
84%
81%
68 to 88
22%
9
10
13
21
5
8
13
77%
All Buyers
Savings
Proceeds from sale of primary residence
Gift from relative or friend
Sale of stocks or bonds
401k/pension fund including a loan
Loan from relative or friend
Inheritance
Individual Retirement Account (IRA)
Equity from primary residence buyer continue to own
Proceeds from sale of real estate other than primary residence
Loan or financial assistance from source other than employer
Loan from financial institution other than a mortgage
Loan or financial assistance through employer
Other
* Less than 1 percent
2014 National Association of Realtors Home Buyer and Seller Generational Trends
64%
31
14
9
8
4
4
4
2
2
2
1
*
4
33 and younger
82%
10
26
8
6
7
3
2
1
1
3
1
*
2
68 to 88
41%
57
2
11
2
*
5
3
4
3
*
1
*
4
All Buyers
33 and younger
43%
38
31
14
56%
30
38
11
35%
46
25
18
19%
49
18
18
5%
48
15
*
*
14
*
*
10
12
25
Student Loans
Credit card debt
Car loan
Child care
expenses
Health care costs
68 to 88
60%
56%
49
50%
43%
40%
38
38
35%
31
30
30%
20%
48
46
25
25
19%
18
18 18
15
14
10
10%
14
12
11
5%
0
0%
0 0 0
0%
All Buyers
33 and younger
Student Loans
34 to 48
Car loan
49 to 58
59 to 67
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
32%
24
19
11
6
5
4
57
2014 National Association of Realtors Home Buyer and Seller Generational Trends
33 and younger 34 to 48 49 to 58 59 to 67
41%
39%
24%
18%
34
29
18
11
29
22
13
9
10
14
12
7
8
6
4
2
5
6
5
3
4
4
4
5
46
48
65
74
68 to 88
14%
8
4
3
3
3
4
80
All Buyers
Much more difficult than expected
Somewhat more difficult than expected
Not difficult/No more difficult than expected
Easier than expected
16%
24
42
18
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
16%
22
38
25
All Buyers
6%
2009
33 and younger
4%
2010
2014 National Association of Realtors Home Buyer and Seller Generational Trends
34 to 48
7%
2009
49 to 58
7%
2009
59 to 67
7%
2009
68 to 88
4%
2010
Fixed-rate mortgage
Adjustable-rate mortgage
Don't know
Other
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
93%
5
1
*
Conventional
FHA
VA
Don't Know
Other
All Buyers
57%
26
10
4
4
33 and younger
46%
38
7
4
6
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
72%
7
17
2
2
81%
44
27
10
6
13
33 and younger
87%
49
28
11
2
11
2014 National Association of Realtors Home Buyer and Seller Generational Trends
34 to 48 49 to 58
82%
80%
43
43
29
26
10
11
6
7
12
14
59 to 67
77%
43
25
10
9
14
68 to 88
74%
44
23
7
7
19
2014 National Association of Realtors Home Buyer and Seller Generational Trends
Year Born:
Millennials/Gen Y/Gen Next:
1980-1995
Gen X:
1965-1979
Younger Boomers:
1955-1964
Older Boomers:
1946-1954
Silent Generation:
1925-1945
Age in 2013:
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
Percent in
Category
12%
29
21
22
16
2014 National Association of Realtors Home Buyer and Seller Generational Trends
Median
Age in
Group
31
41
53
63
72
All Sellers
3%
4
5
6
7
8
8
11
16
10
6
4
12
$97,500
33 and younger
*
2
4
5
12
7
12
16
19
11
5
2
5
$92,500
34 to 48
49 to 58
1%
3%
1
4
2
3
3
3
3
5
8
6
7
6
11
10
19
17
12
13
9
8
6
4
19
19
$118,600 $115,700
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
8%
7
6
6
9
10
8
11
15
8
5
4
8
$85,300
68 to 88
7%
8
9
12
12
12
11
7
9
5
4
1
3
$66,500
Married couple
Single female
Single male
Unmarried couple
Other
All Sellers
77%
14
5
4
1
33 and younger
90%
4
2
3
*
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
72%
17
6
4
2
None
One
Two
Three or more
All Sellers
61%
15
17
7
33 and younger
29%
28
30
12
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
95%
3
2
1
68 to 88
96%
3
1
*
33 and younger
93%
*
2
5
1
34 to 48 49 to 58 59 to 67
91%
92%
95%
2
2
1
5
2
2
3
4
2
1
2
1
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
95%
*
3
2
1
English
Other
All Sellers
98%
2
33 and younger
99%
1
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
98%
2
68 to 88
97%
4
First-time seller
Repeat seller
All Sellers
32%
68
33 and younger
81%
19
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
13%
88
Same state
Same region
Other region
All Sellers
71%
14
16
33 and younger
80%
12
8
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
64%
16
19
All Sellers
Suburb/Subdivision
Small town
Urban area/Central city
Rural area
Resort/Recreation area
52%
17
15
14
3
2014 National Association of Realtors Home Buyer and Seller Generational Trends
58%
18
13
12
*
60%
14
15
10
*
51%
16
13
17
3
48%
18
15
17
3
68 to 88
43%
20
16
15
7
All Sellers
Detached single-family home
Townhouse/row house
Apartment/condo in a building
with 5 or more units
Duplex/apartment/condo in 2
to 4 unit building
Other
68 to 88
81%
7
5
79%
9
7
81%
8
7
87%
5
2
80%
5
5
79%
9
4
2014 National Association of Realtors Home Buyer and Seller Generational Trends
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
1,500
1,880
2,200
2,000
2,060
2,440
2,500
2,100
1,980
1,850
2014 National Association of Realtors Home Buyer and Seller Generational Trends
Difference
940
620
-100
-20
-210
One bedroom
Two bedrooms
Three bedrooms or more
Median number of bedrooms
One full bathroom
Two full bathrooms
Three full bathrooms or more
Median number of full bathrooms
All Sellers
33 and younger
1%
13
86
3
17
57
27
2
2%
16
82
3
28
59
12
2
2014 National Association of Realtors Home Buyer and Seller Generational Trends
*
8
92
3
12
56
33
2
59 to 67
68 to 88
*
14
86
3
13
56
31
2
*
16
84
3
13
58
29
2
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
$152,000
$225,000
$240,000
$230,000
$255,000
$242,000
$290,000
$262,000
$220,000
$225,000
2014 National Association of Realtors Home Buyer and Seller Generational Trends
Difference
$90,000
$65,000
$22,000
-$10,000
-$30,000
2014 National Association of Realtors Home Buyer and Seller Generational Trends
34 to 48
33%
24
3
10
3
49 to 58
10%
23
9
11
13
59 to 67
6%
6
24
11
16
68 to 88
3%
1
28
9
18
10
*
7
9
4
7
5
15
2
9
11
*
2
1
7
3
*
8
4
*
6
4
*
8
All Sellers
12%
1
33 and younger
17%
*
18%
1
9%
1
8%
*
8%
1
87
83
81
90
91
92
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
3%
9
13
15
18
19
9
14
9
33 and younger
2%
20
33
27
15
2
N/A
N/A
5
34 to 48
2%
8
14
16
28
24
6
2
8
2014 National Association of Realtors Home Buyer and Seller Generational Trends
49 to 58
4%
10
9
11
16
22
14
14
10
59 to 67 68 to 88
3%
2%
7
4
11
7
14
10
13
12
19
20
12
10
21
36
11
14
All Sellers
18
33 and younger
10
34 to 48
10
49 to 58
20
59 to 67
36
68 to 88
38
45
40
36
38
35
30
25
20
20
18
15
10
10
33 and
younger
34 to 48
10
5
0
All Sellers
49 to 58
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
68 to 88
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Sellers
88%
86
2
9
8
1
1
2
33 and younger
85%
81
4
10
10
*
2
3
34 to 48 49 to 5859 to 67
91%
88%
85%
88
86
83
3
2
2
7
10
13
6
7
11
1
3
2
*
1
1
3
2
1
68 to 88
91%
89
2
8
8
1
*
1
All Sellers
13%
18
37
21
8
2
33 and younger
9%
16
46
22
6
1
97%
97%
2014 National Association of Realtors Home Buyer and Seller Generational Trends
34 to 48 49 to 58 59 to 67
11%
12%
18%
17
20
16
39
34
37
21
22
21
9
10
6
3
2
2
97%
97%
97%
68 to 88
17%
21
36
17
9
1
96%
All Sellers
8%
30
11
6
5
4
6
5
7
7
5
6
5
33 and younger
10%
30
10
6
7
3
9
7
9
3
3
4
5
34 to 48 49 to 58 59 to 67
9%
9%
8%
32
33
28
11
11
11
6
4
7
5
5
5
3
5
4
7
6
4
6
3
5
6
8
8
7
9
5
4
6
9
4
4
7
4
4
6
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
5%
28
11
6
5
5
6
4
6
10
5
9
6
All Sellers
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
53%
55%
56%
53%
52%
46%
25
12
6
5
29
9
3
5
24
10
5
6
23
13
7
4
25
10
8
6
27
17
6
5
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Sellers
64%
19
16
7
4
*
4
2014 National Association of Realtors Home Buyer and Seller Generational Trends
33 and younger
57%
23
25
6
3
1
6
34 to 48 49 to 58 59 to 67
66%
63%
63%
19
19
18
17
14
15
7
8
7
3
6
3
1
*
1
3
5
5
68 to 88
67%
16
13
7
4
1
4
Very Satisfied
Somewhat Satisfied
Somewhat Dissatisfied
Very Dissatisfied
All Sellers
56%
29
10
4
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
54%
33
9
4
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Sellers
39%
25
4
4
4
4
3
3
2
2
1
1
10
2014 National Association of Realtors Home Buyer and Seller Generational Trends
33 and younger
38%
25
8
6
5
1
2
4
2
2
1
*
6
68 to 88
35%
24
2
4
6
8
3
*
3
2
2
1
10
34 to 48 49 to 58
67%
64%
20
19
11
14
2
3
1
1
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
66%
20
8
3
3
68 to 88
64%
20
12
2
1
All Sellers
52%
48
33 and younger
62%
38
34 to 48
59%
42
49 to 58
47%
53
59 to 67
49%
51
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
43%
58
All Sellers
91%
4
5
33 and younger
92%
4
5
34 to 48
94%
2
5
49 to 58
90%
6
5
2014 National Association of Realtors Home Buyer and Seller Generational Trends
59 to 67
89%
5
6
68 to 88
91%
5
4
All Sellers
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
81%
82%
80%
81%
83%
83%
10
12
10
13
10
10
10
2014 National Association of Realtors Home Buyer and Seller Generational Trends
All Sellers
25%
20
19
15
11
4
4
1
*
1
2014 National Association of Realtors Home Buyer and Seller Generational Trends
33 and younger 34 to 48
19%
23%
24
23
22
18
11
14
13
16
3
4
5
2
3
1
*
*
*
1
49 to 58
25%
21
22
12
9
5
4
1
*
1
59 to 67 68 to 88
30%
29%
14
16
20
14
16
21
7
8
5
5
5
4
2
2
*
1
1
1
All Sellers
35%
18
15
14
5
5
3
33 and younger
38%
21
10
15
4
3
4
34 to 48
32%
17
19
14
4
5
4
1
1
3
2
1
3
1
*
5
2014 National Association of Realtors Home Buyer and Seller Generational Trends
49 to 58 59 to 67
34%
36%
19
19
14
16
17
11
4
7
3
6
4
2
1
1
3
1
1
2
68 to 88
37%
13
14
15
9
6
2
1
*
3
33 and younger 34 to 48 49 to 58 59 to 67 68 to 88
Multiple Listing (MLS) website
85%
88%
85%
85%
85%
86%
Yard sign
66
74
68
67
64
63
Open house
51
42
52
51
54
53
Real estate agent website
50
60
54
49
49
42
Real estate company website
45
52
46
40
47
40
Realtor.com
42
48
47
46
36
31
Third party aggregators
27
42
31
23
24
18
Print newspaper advertisement
15
12
14
13
18
18
Direct mail (flyers, postcards, etc.)
12
11
15
13
12
8
Real estate magazine
10
11
7
9
16
11
Newspaper website
9
7
9
10
9
9
Video
9
5
8
10
8
12
Other Web sites with real estate listings (e.g. Google,
8 Yahoo)
12
7
10
8
6
Real estate magazine website
7
6
5
5
10
7
Social networking websites (e.g.
Facebook,Twitter, etc.)
6
10
9
3
4
4
Online classified ads
3
8
4
3
2
3
2014 National Association of Realtors Home Buyer and Seller Generational Trends
68 to 88
43%
43%
41%
43%
48%
45%
25
18
26
28
28
21
10
10
15
13
10
14
17
14
12
10
14
2014 National Association of Realtors Home Buyer and Seller Generational Trends
34 to 48
61%
20
9
7
3
2014 National Association of Realtors Home Buyer and Seller Generational Trends
49 to 58
67%
19
8
6
1
59 to 67
71%
15
5
8
1
68 to 88
66%
21
6
6
1
Methodology
In July 2013, NAR mailed out a 122 question survey using a random sample weighted to be represented
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.
Consumer names and addresses were obtained from Experian, a firm that maintains an extensive
database of recent home buyers derived from county records. Information about sellers comes from
those buyers who also sold a home.
All information in this Profile is characteristic of the 12-month period ending June 2013, with the
exception of income data, which are reported for 2012. In some sections comparisons are also given for
results obtained in previous surveys. Not all results are directly comparable due to changes in
questionnaire design and sample size. Some results are presented for the four U.S. Census regions:
Northeast, Midwest, South and West. The median is the primary statistical measure used throughout this
report. Due to rounding and omissions for space, percentage distributions may not add to 100 percent.
The definitions of the generations used to distinguish home buyers and sellers were based on a study
published in the REALTOR Universitys Center for Real Estate Studies journal article titled, Generational
Trends in Homeownership: An Era of Renters? by Glenn E. Crellin. Additional splitting of older baby
boomer age groups and younger baby boomer age groups was modeled on research from the Pew
Research Center, Generations 2010.
Year Born:
1980-2000
1965-1979
1955-1964
1946-1954
1925-1945
Age in 2013:
33 and younger
34 to 48
49 to 58
59 to 67
68 to 88
2014 National Association of Realtors Home Buyer and Seller Generational Trends
110