The typical home buyer is now a lot older than just a decade ago: Recent buyer and seller data shows an older population purchasing real estate across the country.
ByHere we are six full years into a recovery and yet somehow, young Americans are simply not buying homes as expected. This pent up demand is simply not materializing for a variety of reasons. Even the Federal Reserve, the engine of low interest rates acknowledges that younger Americans are having a tougher time buying because of wickedly large student debt and lower incomes. Taco Tuesday baby boomer parents think they have figured something out about college but many went to school during a time when college was ridiculously cheap. Some think they can send their kids to community college and then expect them to transfer into insanely competitive colleges. Good luck with that. In many cases, community colleges are over enrolled and many will take extra long to get general education courses completed. In California, you have 2.3 million young adults living at home and many already completed college. This is a big deal and even the National Association of Realtors (NAR) can’t deny the data. Take a look at the change in age for recent buyers…
