NAHB: Home Buyers 31-45 Likely to Lead Home-buying Recovery
Generation X – young
families and adults ages 31 to 45 – are likely to lead the home buying recovery
as it gets underway, according to real estate experts who spoke at an
educational webinar produced by the National Association of Home Builders
(NAHB) in partnership with Builder magazine.
Buyers in this age
group are most likely to think now is a good time to get off the fence, the
webinar panelists explained. Generation X members also have strong
opinions about the design features their new homes will include.
At 32 percent of the
population of home-buying age – generally defined as those who are at least 30
years old, the Gen X population cohort isn't the largest, but it's the most
mobile, said presenter Mollie Carmichael, principal of John Burns Real Estate
Consulting in Irvine, Calif. "They are in full force with their careers
and they need to accommodate growing families," she said.
In sharp contrast, even
though they constitute 41 percent of prospective home buyers, Baby Boomers
continue to wait for the market to improve, and their decisions to delay
retirement also delay their decisions to downsize into a smaller home,