Homebuyer and Seller Generational Trends Survey, an increasing number of millennial and younger boomer buyers have kids living at home. It's worth noting when you consider that millennials were the largest group of homebuyers for the fourth year in a row, at 34 percent, with boomers not far behind at 30 percent.
But let's not forget Generation X, who made up 28 percent of buyers and are now the biggest age group with kids still living at home. They're ready to upgrade, and they have the spending power to do it. Surveyed Gen Xers made a median $106,600 per year, while younger boomers and millennials earned $93,800 and $82,000, respectively.
That said, younger boomers were still the most likely to purchase a multi-generational home (20 percent) to accommodate aging parents or adult kids. Meanwhile, 49 percent of millennial homebuyers had at least one child, and many moved to the suburbs in search of more space at an affordable price. In fact, only 15 percent purchased in an urban area.
So what are homebuyers with kids looking for?
Consider these highlights from NAR's 2016 "Moving With Kids" report:
- Fifty-three percent of buyers with children say the toughest task in the home search process is finding the right property.
- Buyers with kids are typically looking for detached single-family homes, approximately 2,100 square feet in size, with four bedrooms and two baths. (By comparison, kid-free families are only looking for 1,800 square feet and three bedrooms.)
- The quality of school districts (50 percent) and convenience in relation to schools (43 percent) influence neighborhood choice.
It's also worth noting that 29 percent of sellers with children sell because the home is too small.
Copyright 2017. National Association of Realtors' (NAR) 2017 Homebuyer and Seller Generational Trends Survey