Home buying trends vary by generation. It’s interesting to look at generational differences and how they affect these trends.
Interestingly, millennials get a lot of attention when it comes to their home-buying habits. In 2019, they will account for 45% of the mortgage market. Generally, millennials fall between the ages of 23-38. As millennials enter their thirties, they may already be homeowners looking to upgrade. As they start families and move up in their careers, they might be outgrowing their first house. Always concerned about money, they may forgo on location, amenities or space to spend less.
Also, members of Generation X continue to make up over a third of home buyers. In 2019, the Gen Xers are expected to account for 37% of the mortgage market. For the most part, they are between the ages of 39-58. They are concerned about finding a work-life balance. They are family-oriented, often raising kids while caring for their aging parents. When choosing a home, they look closely at neighborhood information, making sure that there are plenty of amenities and local activities. And, Annapolis offers neighborhoods with great water amenities that appeal to families of all ages, young and old!
Finally, Baby Boomers are still in the home-buying market, looking for properties to fit their changing lifestyles. It is estimated that Baby Boomers will make up 17% of the mortgage market in 2019. Baby Boomers fall between the ages of 55-73. Many have already retired or are quickly approaching retirement age. Baby Boomers are active, sophisticated home buyers. Interestingly, they are tech-savvy and prefer top-of-the-line technology in their homes. First-floor master suites are popular with Baby Boomers. Also, properties with flex spaces appeal to this generation as these spaces can be reimagined throughout different phases of life.
Obviously, these categories aren’t one-size-fits-all. Home-buying decisions often depend more on financial ability and lifestyle dreams, rather than on their generational definition.
If you are purchasing a home in the Annapolis area, contact me. I would love to work with you to find the perfect place for your needs.