How the Generational Shift is Impacting Homebuyers from Dave & Travis
As you can see below, there are some interesting shifts in homebuyer trends between 2021 and 2022. For instance, there’s been a significant decrease in the percentage of millennial homebuyers from 43% in 2021 to 28% in 2022 (which highlights the effect doubling mortgage interest rates had in 2022). Meanwhile, the percentage of boomer homebuyers has increased from 29% in 2021 to 39% in 2022. While looking at home-buying trends, we found that two major generations, boomers and millennials, made up 67% of all homebuyers in 2022. 14% of homebuyers in 2022 purchased a multi-generational home. However, there has been a decrease in the percentage of first-time homebuyers from 34% in 2021 to 26% in 2022.
As the real estate market continues to evolve, it’s important to stay on top of the latest trends and economic factors affecting the industry. One trend that has caught our attention is the shift in buyer demographics from millennials to boomers. In addition, we’re seeing parallels to the early eighties with super high inflation and high interest rates. Inflation is simply not enough supply (of goods) to meet demand. And really the only way to lower inflation is to increase supply (of needed goods). What do you think will happen?
We wanted to share some insightful data on homebuyer trends from 2021 to 2022. So, we’ve created a chart/graph that highlights the percentage of buyers by generation, percentage of first-time homebuyers, and the percentage of buyers who purchased a multi-generational home in 2021 and 2022. Here’s the chart/graph:
As always, our team is here to provide expert guidance and support as you navigate the real estate landscape. We’re committed to staying up-to-date on the latest trends and economic factors affecting the industry so that we can provide you with the most accurate and reliable information.
We hope you find this information useful and insightful. If you’re interested in learning more about the current state of the real estate market or have any questions about buying or selling a home, don’t hesitate to contact us. We’re here to help.
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