Industry News

Younger generations spending more on real estate

Gen X, Y buyers want bigger homes than boomers

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Generation X and Generation Y buyers tend to spend more for their first home than baby boomers and this represents a larger portion of their household income, according to a Century 21 Homebuyer Survey released this week. On average, the impact on the household income was 21 percent of boomers' income as compared to 25 percent of Generation X and Generation Y's household income. The survey also reveals that baby boomers were driven to purchase their first home based on family reasons, while Generation X and Y buyers are more likely to buy or have bought a home as a "safe investment." In addition, Generation X and Y buyers tend to take longer to buy their first home as compared to baby boomers. Today's Generation Y buyers are also purchasing first homes at a younger age than their Generation X and baby boomer counterparts. The national online survey collected responses from 1,514 U.S. home buyers and was equally distributed among baby boomer (people born between 1946-64), Generation X...