Massachusetts realtors/brokers survey
The results presented here are reported from Boston Agent’s 2022 reader survey, filled out by readers of the magazine in March 2022
What does the current generation of Boston condo for sale buyers and sellers look like? How old are they and how are they doing business? The National Association of REALTORS® (NAR) has answers with its 2022 Home Buyers and Sellers Generational Trends Report, released today.
The report provides insights with a by-the-numbers look at evolving demographics and was compiled based on a detailed survey of 5,795 recent homebuyers who purchased in the period between July 2020 and June 2021.
Millennials — 32 to 41 years old — continue to make up the greatest share of homebuyers, according to the NAR report, keeping in trend with the yearly results since 2014. During the period of study, millennials represented 43% of the market, with older millennials making up 25% and younger millennials, 18%. Most were first-time buyers: 81%. Younger millennials were the most educated age group purchasing homes, with 90% holding an associate degree or higher.
“Some young adults have used the pandemic to their financial advantage by paying down debt and cutting the cost of rent by moving in with family. They are now jumping headfirst into homeownership,” Jessica Lautz, NAR’s vice president of demographics and behavioral insights, said in a press release. “While young buyers use new tech tools, they also use real estate agents at higher rates than other buyers to help find the right home and negotiate the terms of the transaction.”
Those aged 42 to 56, otherwise known as Gen Xers, closely trailed older millennials, representing 22% of recent buyers. This group also earned the highest median income — $125,000 in 2020 — a pattern consistent with past years’ data. In turn, Gen Xers purchased the most expensive houses during the period of study; their…