According to the National Association of Realtors, below are highlights from a 2015 survey useful for recent homebuyers.
13 percent of all buyers purchased a house big enough for a multigenerational family. This is most prevalent among younger Baby Boomers, aged 50 to 59, and 21 percent. The most common reason for the purchase of a multigenerational home was children over age 18 moving back home (37 percent), followed by failing health/caretaking needs of aging parents (21 percent).
39 percent of Millennial buyers primarily bought a home just because they wanted to own their own home.
Prior living arrangements vary greatly for rent homebuyers. Among those age 33 or younger, 59 percent rented an apartment, while more than half of those older than age 50 owned their previous residence.
12 percent of buyers said saving for a down payment is difficult. Among these buyers, 50 percent reported that credit card debt, 46 percent reported that student loan debt and 38 percent reported that car loan debt was holding them back from saving.
Younger buyers primarily used their savings for a down payment, while older buyers were more likely to use proceeds from the sale of a primary residence. Younger buyers were also more likely than older ones to use a gift or loan from a relative or friend.
Younger buyers financed a larger percentage of their home than did older buyers. The typical Millennial down payment was 7 percent compared with 22 percent among the Silent Generation, who are age 68 or older.
