Main reason for timing of home purchase in the U.S. 2023, by generation

Published by Statista Research Department, May 10, 2024

About 49 percent of younger millennials (ages 25 to 33) bought a house in the United States in 2023 because they desired to have their own home compared to 35 percent of the older millennials. For the older generations, like the older boomers (ages 69 to 77) and the silent generation (ages 78 to 98), the main reason for purchasing homes in 2023 was to move closer to family, friends, and relatives.

Main reason for timing of home purchase in the United States in 2023, by generation

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Source

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Release date

March 2024

Region

United States

Survey time period

July 2023

Number of respondents

6,817 respondents

Special properties

primary residence buyers; real estate purchased between July 2022 and June 2023

Method of interview

Online survey

Supplementary notes

Generation Z - 18 to 24 years
Younger Millennials - 25 to 33 years
Older Millennials - 34 to 43 years
Generation X - 44 to 58 years
Younger Boomers -59 to 68 years
Older Boomers -69 to 77 years
Silent Generation - 78 to 98 years

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