Using data from the 2020 Home Buyer and Seller Generational Trends report, we see that younger boomers, buyers aged 55 to 64 years, took their time searching to find their forever home. This age group made up 18% of all homebuyers in 2019, consistent with the previous year. The median age for this group was 60 years old and they were born between 1955 and 1964. Younger boomers had the second-highest share of single female buyers (21%), the same as the silent generation.
For younger boomers, the primary reasons they purchased homes were the desire to own a home of their own (17%), the desire to be closer to friends and family (14%), and desire to live in a better area (10%). Thirteen percent purchased a home for the first time. They searched the longest of any age group for a median of 12 weeks, viewing a median of 10 homes, and had a median expected tenure in their home of 20 years.
Younger boomers were less likely to purchase in the suburbs (41%) and more likely to purchase in small towns (27%) or rural areas (16%) as compared to other generations. They had the third-highest median household income at $94,400 this year, now behind older millennials. They also purchased the second-most expensive homes of all generations at a median home price of $250,500 at a median size of 1,800 square feet. Younger boomers purchased the second-highest share of multi-generation homes at 16%, second only to the silent generation. Nine in ten younger boomers purchased their home through a real estate agent or broker.
Seventy-seven percent of younger boomers financed their home purchase, with a median of 81% of the purchase financed. Younger boomers most often used savings (49%) or proceeds from the sale of another residence (46%) for the downpayment of their home purchase, but were also more likely than other age groups to use money from an inheritance (7%). Debt delayed younger boomers’ home purchases for a median of four years. This group also tied for the second-highest median amount of student loan debt ($30,000), likely due to financing their children’s educations.
Younger boomers were the second-largest share of home sellers at 22%; 17% were selling a home for the first time. They had the third-highest median incomes for sellers at $105,900 and sold the second-highest median-priced homes at $289,000. Younger boomers were more likely to sell a detached single-family home with a median size of 1,960 square feet. They moved to be closer to friends or family (19%) or to downsize (12%).