Study Finds Young Adults Are Active Buyers

Young adults are buying more homes faster than either their parents or grandparents, according to survey.
REALTOR® Magazine Online
Overall, 58 percent of respondents have owned more homes than their parents did when their parents were of a comparable age, the survey shows.

Among upper-income Americans older than 60, 66 percent have owned between two and five homes. An identical 66 percent of baby boomers who are between 41 and 59 have already owned up to five homes.

Nearly half of Gen X home owners, who are between 32 and 41, and 36 percent of Echo Boomers, who are younger than 32, have already owned between two and five homes.

Almost half of the respondents — 48 percent — say they moved because of their career; 45 percent cited a better community lifestyle; and 27 percent cited a new relationship or marriage.

Additional reasons for moving were the need to be closer to family, 16 percent; a more affordable location, 15 percent; birth or adoption/growing family, 15 percent; more affordable housing, 13 percent; warmer climate, 13 percent; displeasure with the current home, 12 percent; and divorce, 11 percent.

Among respondents who were married or living with a significant other, 83 percent waited until solidifying their formal relationships to purchase their first home.

Most Americans don’t move far. The survey found that while 81 percent of respondents live in a different town than the one in which they were raised, 56 percent still live in the same state.