To a packed house at the national meetings this week, Dr. Jessica Lautz presented a compelling program on the top 10 demographics for Realtors to understand as it relates to homeownership shifts coming. Look at your database and your network, and consider connecting to ensure they remember you when approaching a housing change, and provide your expertise through information they might be seeking. Check out her data slides!
- Clients from ~10 years ago — median tenure now 11 years; may be ready to trade
- Pandemic buyers locked into 3% rates — many don’t know they can sell; financial literacy gap
- First-time sellers (17% of younger boomers selling this year have never sold) — need hand-holding on process
- Singles who think they need 20% down — typical first-time buyer down payment was just 10% last year
- Gen Z buyers (18–26, 4% of market) — less student debt, using govt programs and 401k, more than half are single
- Single men — flat homeownership rate since 1980s; earnings on par with single women; opportunity if living rent-free at home
- Baby boomers — not downsizing; moving to be near grandchildren; younger boomers show no median sq ft change
- DINKs/SINKs — no childcare costs = more purchasing power; open to smaller/overlooked properties
- Pet owners — 16% of buyers factor pets into neighborhood choice; $158B spent on pets annually
- HENRYs (High Earners Not Rich Yet) — motivated by job changes and “wanting more”; likely repeat clients