Home Ownership is Generational

A new study of homeownership shows the vast differences among different generations in how long they stay in homes.

The study commissioned by Coldwell Banker Real Estate Corporation found that Americans earning at least $75,000 are buying more houses than their parents at a comparable age, with each generation outpacing the home purchase trends of the previous generation.

According to the “Coldwell Banker 2006 Homeownership in America Study,” 66% of survey respondents in the Silent Generation (defined by them as aged 61 and up) have owned between two and five homes. Already, 66% of Baby Boomers (defined by them as aged 42 to 60), have owned a similar two to five homes. 48% of Generation X’ers (defined by them as aged 32-41), and 36% of “Echo Boomers”/Millennials (defined by them as aged 31 and younger), have owned between two and five homes.

Fully 58% of respondents have owned more homes than their parents did when their parents were at a comparable age.

When asked in the “Coldwell Banker 2006 Homeownership in America Survey” for reasons why they move, 48 percent of respondents indicated they moved because of their career, 45 percent cited a better community lifestyle and 27 percent cited a new relationship / marriage. Of note, women are more apt to move for a relationship than men, at 53 percent as opposed to 37 percent, respectively.

Additional reasons for moving include the need to be closer to family (16 percent), a more affordable location (15 percent), birth or adoption / growing family (15 percent), more affordable housing (13 percent), warmer climate (13 percent), displeasure with the current home (12 percent) and divorce (11 percent). Eighty-three (83) percent of married respondents, or those living with a significant other, waited until solidifying their formal relationships to purchase their first home.

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