2022Home BuyersandSellers GenerationalTrends ReportNationalAssociationofREALTORS?ResearchGroupNATIONALASSOCIATIONOFREALTORS* LESLIE ROUDA SMITH, ABR, CRS, PMN, CRB, E-PRO, CIPSAHWD, C2EXPresidentKENNY PARCELL, ABR, AHWD, CRS, C2EXPresident-ElectTRACY KASPER, AHWD, C2EX, CIPS, CRS, GRI, SFRFirst Vice PresidentNANCY LANE, AHWD, CCIM, C2EXTreasurerCHARLIE OPPLER, AHWD, C2EXImmediate Past President2022NARLeadershipSHANNON KING, E-PRO, GRI, MRPVice President of Association AffairsTeamKAKI LYBBERT,ABR, BPOR, C2EX, CRS,SRESVice President of AdvocacyBOBGOLDBERGChief Executive Officer2022 NAR Home Buyers and Sellers Generational Trends Lawrence Yun, Ph.D.Chief Economist and Senior Vice PresidentJessicaLautz,Dr.ofRealEstateVice President, Demographics and Behavioral InsightsBrandi SnowdenDirector, Member and Consumer Survey ResearchMeredith DunnResearch ManagerMatt ChristophersonNARResearchStaffResearch Survey AnalystSidnee HolmesResearch Assistant2022 NAR Home Buyers and Sellers Cenerational Trends 2022HomeBuyersandSellersGenerationalTrendsReportIntroduction5Cha pter l: Characteristics of Horme Buyers10Chaoter 2: Characteristics of Homes Purchased30Cna oter 3: The Home 5e arch Proccss49Cnapter 4: Home Buying ancl Real Estate Professionals62Cnaoter 5: Financing the Home Purchase80Cha pter 6: Home Sellers and Their Selling Experience7.6Cna otcr 7: Homc Sclling anci Rcal Estatc Profcssionals126Metnodology1472022 NAR Home Buyers and Sellers Generational Trends 2022HomeBuyersandSellersIntroductionGenerationalTrendsReport AGEOFHOMEBUYERS&SELLERSOlderGenY!SilentGenerationYoungerBoomersMillennials,GenZ1925-19451955-19641980-19891999 to201719202022OlderBoomersGenxYoungerCenYi1946-19541965-1979Millennials1990-19382O22 NAR Home Buyers and Sellers Generational TrendsRNATIONAL6 SHAREOEBUYERSANDSELLERSBYGENERATIONBuyersSellersCen Zers:2%2%Younger Gen Y/Millennlals:18%6%Older Gen Y/Milennlals:25%20%Gen Xers:22%24%YoungerBoomers:17%23%Older Boomers:12%19%Silent Ceneration:4%6%%5%10%15%20%25%30%2O22 NAR Home Buyers and Sellers Generational TrendsRNATIONALONOF7 IntroductionSince 2013, the National Association of REALTORSu has produced thecommuting costs were both more important to this group.HomeBuyersanoSellers GenerationaTrendsReport,This reportprovicles insights into differences and similarities across generations ofBuyers 42 to 56 (Gen Xers) consisted of 22 percent of recent horr1ehome buyers andl sellers. The home buyer and seller data is taken frombuyers. This group remains the highest earning home buyers with athe annual Profie of Home Buyers ond Se//ers.meclian income of $125,000 in 2020. Vith this cxtra income, buyers 42This year, tne share of Cen Z buyers and sellers aged 18 to 22 made up.s2o,ooO and the second-largest homes at a median cf 2,so squarejust two percent for both buyers and sellers. While the sharc isfect. They also hac one of the highcest shares of married couples at 64consistent with last year's report, tne sarnple was too srmall to showoercent, provicing them witn dual incornes, en X buyers were theunique characteristics. However, this is an indicator thatmost likely to purchase a multi-generational hcme at 15 percent, andhomeownership is important to this generation and Gen Z buyers are calso were most likely to purcnase a home for a job relocation or move.'uo s,auo budeay om dnobBuyers 42 to 56 years rernain the most racially and ethnically diversepopulation of home buyers, with 23 percent identifying they were a raceMillennial buyers23 to 31l years (Younger Millennials) and buyers 32 to 4]other than White/Caucasian.share of home buyers at 43 percent: Older Millennials at 25 percent andFor the report, buyers 57 to 66 (Younger Baby Boomers) andl buyers 67Younger Millennials at 18 percent of the share of hcme buyers.to 75 (Older Baby Boomers) were broken into two separate categoriesMillennials have been the largest share of buyers since the 2O14 report.as they have differing demographics and buying behaviors. Buyers 57Eighty-one percent of Younger Millennials and 48 percent of Olderto 66 consisted of 17 percent of recent buyers and buyers 67 to 75Millennials were first-tirme home buyers, rnore than other age groupsconsisted of 12 percent of recent buyers. Baoy Boormers purchased forOlcer Millennials had one cf the highest shares of married couples (64an array of reasons, primarily the ciesire to be closer to friencls andpercent). while Younger Millennials hadl the highest share of unmarriedfamily, due to retirement, and the clesire for a smaller home. Youngercouples (21 percent) buying hormes. Younger Millennials were the mostanc Older Boormers were more likely than others to purchase in a snalltown, and Younger Bocmers were the most likely to purchase in a ruraldegree, followec by Olcer Millennials. Ycunger Millennials were alscarea. Younger Boomers expect to own their homes for the longestrmost likely to rmove directly frorn a farnily mernber's horme beloreperiod of tirme at 2O years, end Baby Boormers pu