Ever wonder how the different generations approach home buying? Each generation has different motivations, different incomes and different ways of finding homes. How are you getting started, whether you’re a first-time home buyer or retiree?
View the accessible text version of the infographic below or download the PDF version.
- Average household income: $113,000.5
- Tech-savvy online searchers: 77% use mobile phones for online research - a big 10% more than Gen X.3
- In a property paradox: Despite 75% being reluctant to buy. 72% think buying is better because of ongoing price increases.4
- Slower moving: Millennials can be stalled by financial commitment anxiety1 with 75%
worried about getting into debt for a mortgage.2
- Buy close to work: Millennials place super high importance on low commuting costs, so they buy to be close to the office.1
- Not new: 87% prefer to purchase older homes over new builds.2
Gen X [35-54]
- Average household income: $130,000.5
- Event movers: 46% move, for big life changes like extra kids, marriage, kids moving our or retirement.2
- Offline search: 77% use mobile phones for online research - a big 10% more than Gen X.3
- Family buyers: 89% of Gen X buy homes with 3+ bedrooms to raise their families.2
- Financially insecure: 40% say they "don't feel financially secure" and 38% have more debt than savings.6
- Indebted: 6% spend more than $5000 a month on their credit cards.7
Baby boomers [55-65]
- Average household income: $111,000.5
- Moving far from home: While millennials and Gen X stay close to their previous residence, baby boomers are distance movers (30+ miles).2
- Set to treble the 65+ group: Australia's over-65 population is set to grow from 8.8% in 1971 to 28% by 2056.9
- Retiring to the coast: Baby boomers are leaving capital cities for an easier lifestyle.8
- Longest ownership: An average of 13 years ownership before selling.2
- Investment buyers: Cashed-up baby boomers are the ones squeezing out first-time buyers.10
From millennials to baby boomers, every generation is unique in its approach to home buying - yet all of them are extremely motivated to get into the market.
Owning a home is a major step, take our Are you ready to buy your first home quiz to see if you're ready to buy a home or if you still have a bit more preparation to do.