Have you ever considered the median age of homeowners in your area?
According to a study conducted by LendingTree, homeowners gravitate towards specific parts of the country depending on their age. Millennial buyers, for instance, are more prominent in Colorado while older buyers are more likely to put down roots in Ohio.
These are the places with the oldest average homeowners:
1. Miami:
Average homeowner age: 54.47
The average age of the general population: 40.97
Median monthly housing costs (with a mortgage): $1,829
2. Tampa, Florida:
Average homeowner age: 54.19
The average age of the general population: 41.63
Median monthly housing costs (with a mortgage): $1,458
3. Pittsburgh:
Average homeowner age: 53.79
The average age of the general population: 42.10
Median monthly housing costs (with a mortgage): $1,335
These are the places with the youngest average homeowners:
1. Austin, Texas:
Average homeowner age: 47.58
The average age of the general population: 35.99
Median monthly housing costs (with a mortgage): $1,909
2. St. Louis
Average homeowner age: 48.77
The average age of the general population: 34.45
Median monthly housing costs (with a mortgage): $1,627
3. Houston
Average homeowner age: 49.00
The average age of the general population: 35.37
Median monthly housing costs (with a mortgage): $1,738
Millennial homeownership
Most homeowners consider several factors when choosing where to live. What’s interesting, is how those factors differ based on a homeowner’s age. For instance, most millennial homeowners make their housing decision based on affordability.
Even before the pandemic, this generation prioritized costs. According to George Ratiu, senior economist at Realtor.com, millennials homebuyers prioritize affordability.
“People are looking at less expensive places with strong regional economic development. Over the last decade, we’ve seen midsize areas—like Austin, Denver and Baltimore—attract tech companies and grow their economies to the point that they’re appealing to young talent,” said Ratiu.
Gen X homeownership
When it comes to buying, Gen X’ers are more likely to look for a home with enough space for their lifestyle. Whether they work from home, have a family, or want to be near their favorite restaurants, this generation knows what they want. But they’re also conservative when it comes to shopping for a house.
According to Megan Harris, design center manager for Edward Andrews Homes in Atlanta, “Gen Xers were impacted more than other age groups during the economic downturn and that makes them a little more conservative than other homebuyers.”
“The home itself, the lifestyle and the neighborhood are more important to them than the array of optional features they can add,” Harris added.
Baby Boomer homeownership
Unlike millennials, baby boomers aren’t necessarily looking to get more bang for their buck. Mainly because this generation is focused on downsizing, rather than purchasing a huge home. Instead of looking for a house with all the latest amenities, boomers want somewhere they can “age in place.”
In fact, an AARP study found that 87% of seniors plan to remain in their homes for the rest of their lives, as opposed to moving to a retirement community.
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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
