Generational Trends in Home Ownership

Remember when grandma and grandpa lived in the same house for decades? Well, times are changing, and so are our homeownership habits. 

Gone are the days when families planted roots for a lifetime. Today, the average American homeowner is packing up and moving on after just eight years. But hold on to your moving boxes, because this number is slowly creeping up. In fact, the median homeowner tenure has stretched to a respectable 13.2 years, a three-year increase over the last decade.

Now, if you're thinking all generations are created equal when it comes to home-hopping, think again. Older millennials, those trailblazers born in the early 80s, are the most restless bunch. They're typically selling up after a mere six years. Maybe they're chasing that next career opportunity, or perhaps they've just mastered the art of speed packing.

On the flip side, we've got the Gen Xers, baby boomers, and the Silent Generation holding down the fort. These folks are more likely to stick around for a solid 15 years before even considering a "For Sale" sign. It seems the older you get, the more attached you become to your favorite armchair and that perfectly worn-in groove on the couch.

But here's where it gets really interesting. Baby boomers, those born between 1946 and 1964, are taking the concept of "aging in place" to a whole new level. A whopping 73% of boomer homeowners have been in their current digs for over a decade, and more than half have no plans to move. 

This boomer home-staying trend isn't just about sentimental attachment to the family homestead. It's creating a ripple effect in the housing market. Many of these long-term homes are becoming time capsules, untouched by modern renovations or safety updates. It's great for nostalgia, not so great for the next generation of buyers looking for move-in ready properties.

Speaking of the next generation, millennials are facing their own set of challenges. With boomers staying put and housing costs skyrocketing, many millennials are finding the American dream of homeownership slipping through their fingers. Some are even declaring the dream dead and buried.

But don't lose hope just yet. The housing market is nothing if not cyclical. As boomers eventually downsize or pass their homes on, we might see a flood of properties hitting the market. It could be the opportunity millennials and Gen Z have been waiting for – assuming they're ready for a little DIY renovation action.

So, whether you're a boomer settling in for the long haul, a millennial eyeing that first home purchase, or somewhere in between, one thing's for sure: the American housing landscape is as diverse and dynamic as ever.