A recent Washington Post article took a look at home buying trends of today’s generation versus that of their parents and grandparents, and the differences are striking. Below are some of the highlights that they found. To see the full interactive article, click here.
- For years, many Americans dreamed of owning a home in the suburbs close to good schools. Today’s generation has a different outlook, with many first-time homebuyers opting for homes in cities or small lots with easy walkability.
- Economic changes have altered the housing market considerably. A first-time homebuyer today can expect to pay about five times more for a home than they would have in 1950. The median home price today is four times the average household income, compared to two times the average household income in 1950.
- Technology has become a go-to when first looking for a home. Although most home buyers look at home listings online before they buy, the majority of those end up leaning on a realtor to help them navigate some of the more complex issues, like negotiations and closing procedures.
- An increase in both buyers and renters in cities across America has led to higher competition, which drives up home prices. For many homebuyers, this could mean a shortage of available homes in their price range.
- New homebuyers are increasingly attracted to locations that offer a mix of urban and suburban settings, allowing many to diminish or even completely eliminate their need for a car.
- Although married couples still make up the majority of first time home buyers, single women are entering the market at very high rates.
- Many buyers in today’s generation have a good idea of what they want in a home, and rely on a realtor to help them pinpoint a home that fits their specifications.
Learn more about the buying habits of today’s generation, and take a look at the interactive website by clicking here.