Understanding The New Generation of Homeowners

According to the California Association of Realtors’ 2014 Baby Boomer Survey, millennials are following a far less linear path to homeownership than their Boomer predecessors. While the generation of Americans born between 1946 and 1964 have a higher and more consistent homeownership rate as compared to millennials, there have been decidedly different lifestyle factors that have an influence on when and why people are now choosing to buy. For example, the report states that:

  • 75% of Boomers and only 20% of millennials are currently homeowners
  • Boomers earn a median income of $75,000 while millennials make a median of $35,000
  • About 40% of millennials and only 20% of Boomers are currently renting
  • 22% of millennials and 5% of Boomers have gone through a short sale or foreclosure

Check out the CAR infographic below for a visual representation of the two contrasting generational paths when it comes to buying and selling homes:

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