Millennials (born between 1981 and 1996) are now becoming a dominant force entering the real estate market. Many Millennials are between 30 and 40 years old yet they are buying their first home. This group of buyers is driven by factors like starting a family and needing more space. They value urban or suburban locations with great amenities, and they are tech-savvy, preferring digital tools for home searches and for their transactions.
Gen Z is emerging as the new buyers – Gen Z (Born after 1996 are starting to enter the housing market. This generation is expected to value affordability, sustainability, and community focused living spaces. They may also prioritize flexible living arrangements that accommodate remote work and lifestyles.
Increasing Diversity- The home-buying population is becoming more diverse, reflecting broader demographic shifts. This includes a growing number of minority buyers, particularly among Hispanic, Asian, and African Americans. These groups are now becoming a significant segment of today’s market.
Aging Boomers (Born between 1946 and 1964) As this group reaches retirement age and they are often downsizing or moving to retirement-friendly areas. Some are purchasing vacation homes or just relocating to areas that have warm climates.
Single and Non-Traditional Households are on the rise. This group of buyers are unmarried, single parents and multigenerational families. These trends affect the types of properties in demand, with more interest in the smaller homes, condos, and properties that will accommodate the extended family lifestyle.
Remote Workers- The increase of remote work has accelerated by the COVID 19 Pandemic, has changed buyer preferences. Many people now prioritize homes with dedicated offices, large living rooms and locations outside of the traditional Urban Centers. This Trend has led to increased interest in Suburban and rural areas
Environmental and Social Awareness- Younger buyers, in particular, are more conscious of environmental sustainability and social issues. The want eco-friendly features, such as energy efficient appliances and solar panels, they are seeking neighborhoods that have strong community values and amenities.
