Have you ever thought about the average age of homeowners in your area?
According to a study by LendingTree, homeowners move to certain parts of the country depending on their age. For example, millennial shoppers are more prominent in Colorado, while older shoppers are more likely to take root in Ohio.
These are the places with the oldest average homeowners:
1. Miami:
Average age of homeowner: 54.47
The median age of the general population: 40.97
Average Monthly Housing Cost (with a mortgage): $ 1,829
2. Tampa, Florida:
Average age of the homeowner: 54.19
The median age of the general population: 41.63
Average Monthly Housing Cost (with a mortgage): $ 1,458
3. Pittsburgh:
Average age of the homeowner: 53.79
The median age of the general population: 42.10
Average Monthly Housing Cost (with a mortgage): $ 1,335
These are the places with the youngest average homeowners:
1. Austin, Texas:
Average age of the homeowner: 47.58
The median age of the general population: 35.99
Average Monthly Housing Cost (with a mortgage): $ 1,909
2. St. Louis
Average age of the homeowner: 48.77
The median age of the general population: 34.45
Average Monthly Housing Cost (with a mortgage): $ 1,627
3. Houston
Average age of the homeowner: 49.00
The median age of the general population: 35.37
Average Monthly Housing Cost (with a mortgage): $ 1,738
Millennial home
Most homeowners consider several factors when choosing where to live. What is interesting is how these factors differ depending on the age of the homeowner. For example, most millennial homeowners make their housing decisions based on affordability.
Even before the pandemic, this generation prioritized costs. According to George Ratiu, senior economist at Realtor.com, millennials prioritize homebuyers for affordability.
“People are looking for cheaper places with strong regional economic development. Over the past decade we’ve seen midsize areas like Austin, Denver, and Baltimore attract tech companies and grow their economies to the point where they are attractive to young talent, ”said Ratiu.
Generation X home ownership
When it comes to buying, Gen Xers 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 close to their favorite restaurant, this generation knows what they want. But they are also conservative when it comes to buying a home.
Megan Harris, Design Center Manager at Edward Andrews Homes in Atlanta, says, “Gen Xers have been harder hit 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 many optional features they can add,” added Harris.
infant Boomer homeownerships
Unlike millennials, baby boomers don’t necessarily want to get more bang for their buck. Mainly because this generation is focused on downsizing rather than buying a huge home. Rather than looking for a home with the latest amenities, boomers want a place where they can “age on the spot”.
In fact, an AARP study found that 87% of seniors plan to stay home for the rest of their lives rather than move into a senior citizen community.
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