YOUNGER HOMEBUYERS
September 12, 2006
The Baby Boomer Generation purchased their first home for family reasons, i.e. they got married or for the birth of their child. The Generation X and Y buyers are buying for a safe investment. It seems as if the Generation X and Y buyers take longer to make their purchase than did the Baby Boomers. They also spend more for their first home than did the Baby Boomers. The Gen X and Y buyers are spending approximately 25% of their total household income compared to the Boomers who spent 21% of their income toward their purchase. The youngest buyers appear to be the Gen Y buyers. The oldest in that group is now 27 years of age. The Baby Boomers were born between the years of 1946 and 1964. The Gen X were born between 1965 and 1978 and the Gen Y’s were born between 1979 and 1994.
Posted in Real Estate
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