Younger buyers are more satisfied with their recent home purchase than older buyers, according to a recent survey by the NATIONAL ASSOCIATION OF REALTORS®. A majority of younger buyers under age 32 (85 percent) considered their home purchase to be a good financial investment compared to 80 percent of all other home buyers.
Nearly two-thirds of Millennials (65 percent) rented an apartment or house before buying a home and 22 percent lived with their parents, relatives or friends. Meanwhile, more than half of baby boomers and Silent Generation buyers owned their previous residence.
Younger buyers typically bought older homes built around 1986 in an urban or central city location, usually within 10 miles of their previous residence, and they generally purchased a home because they wanted a place of their own. When choosing a neighborhood, younger buyers cited convenience to jobs, affordability of homes and quality schools. A majority of them found their new through the Internet.
Meanwhile, older buyers bought newer homes built around 1996 and moved distances of more than 20 miles from their previous residence. They usually purchased a home to be closer to family and friends, and looked for a location with easy access to health care facilities. Older buyers learned about the home they purchased from their real estate agent.
CRS “Your Home” Newsletter – August 2013