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WHO BOUGHT THAT...

Riley Schmidt

WHO BOUGHT THAT...

Overall the same news from last week rings true again, rates are down and buyers are coming back into the market but inventory is a problem.

As the best months to sell your home (Depending on what talking head you ask) May and June approach, inventory will still be a major issue. Supply and Demand continues to remain undefeated. Prices are stable.

If you have ever wondered who is buying all these homes across the country the following info below may surprise you.  It did me. 

**NAR - Generational Trends Report

First-time buyers made up 26% of all home buyers, a decrease from 34% last year. Seventy percent of Younger Millennials and 46% of Older Millennials were first-time home buyers. Behind these groups, 21% of Gen Xers were also first-time home buyers.

Baby Boomers, both Younger Boomers and Older Boomers, made up the largest generation of home buyers at 39%

Gen Xers had the highest household incomes of any generation at $114,300 in 2022, followed by Older Millennials with a median household income of $102,900.

The Silent Generation had the highest share of married couples at 68%. The highest percentage of single female buyers was among Gen Z at 31%. The highest share of unmarried couples were Younger Millennials at 20%.

31% of all buyers had children under the age of 18 living at home. Seventy percent of Older Millennials had at least one child under the age of 18 residing in the home.

14% of home buyers purchased a multi-generational home to take care of and spend time with aging parents because children over the age of 18 were moving back and for cost savings. Eighteen percent of Older Boomers purchased a multi-generational home. Gen Xers comprised the second largest share at 17%.

Gen Xers remain the most racially diverse group of buyers in 2022. Twenty-three percent of this group of buyers identified as Hispanic/Latino, Black/African American, or Asian/Pacific Islander.

 

We deeply appreciate the trust and partnership you have extended to us. As some of the best realtors in Los Feliz and Greater Los Angeles, the Riley Real Estate & Home Mortgage team is dedicated to assisting you in discovering your dream home in the beautiful neighborhood of Los Feliz and surrounding Los Angeles areas.  We eagerly anticipate the opportunity to serve you in buying, selling, investing and mortgages and earn our reputation as a top realtor and make your real estate aspirations a reality.

Best,

Riley Schmidt




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