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?
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- 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.
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This article provides you with factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. Neither Pepper nor its related bodies, nor their directors, employees or agents accept any responsibility for loss or liability which may arise from accessing or reliance on any of the information contained in this article. For information about whether a Pepper loan may be suitable for you, call Pepper on 13 73 77 or speak to an accredited Pepper Money broker.
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