Thursday, May 25, 2023 / by Fahad Karamat
The housing market reflects not just bricks and mortar but the dreams and aspirations of every age group. With the National Association of Realtors' report on 2022 homebuyers in hand, we can trace the footprints of each generation and predict who'll be making waves in summer 2023.
Gen Z: Stepping Stones onto the Property Ladder
While representing only 2% of last year's homebuyers, Gen Z's early entry, often supported by family, showcases an eagerness to tap into the housing market. As more join the workforce, expect a steady rise in their presence in 2023.
Millennials: Riding the Homeownership Wave
Leading the charge in 2022, with 43% of the total purchases, Millennials are a force to be reckoned with. Career stability and the allure of homeownership position them as potential key players in this summer's housing market.
Gen X: Nesting and Investing
As they embark on life's transitions, 22% of Gen X dove into the 2022 housing market. Whether downsizing or relocating, anticipate seeing them engage actively this summer.
Baby Boomers: Redefining Retirement Goals
Accounting for 29% of 2022's homebuyers, Baby Boomers seek homes that align with their retirement dreams, from downsizing to securing vacation spots. With changing lifestyle preferences, their buying trend will likely continue in 2023.
Silent Generation: Quiet Yet Resolute Moves
Their 4% contribution in 2022 speaks of adaptability. The Silent Generation's housing decisions, focused on convenience and proximity to family, remind us that age is but a number in the home-buying journey.
If 2022's data sings a tune, it would be about how the dream of homeownership reverberates through every age group. Summer 2023 is set to be a symphony of varied generational aspirations and needs. Realtors, builders, and policymakers would do well to understand and cater to this diverse clientele, ensuring that every generation finds its home sweet home.