Younger Generations Buying More Houses

Americans earning at least $75,000 per year are buying more houses than their parents did at a comparable age, with each generation outpacing the previous generation's home purchase trends, according to the Coldwell Banker 2006 Homeownership in America Study.

The study's data shows that 66% of survey respondents in the Silent Generation (age 61 and up) have owned between two and five homes. Already, 66% of Baby Boomers (age 42 to 60) have owned a similar two to five homes. The younger generations surveyed are mimicking these homebuying habits. About half (48%) of Generation Xers (age 32 to 41), and more than one-third (36%) of Echo Boomers (age 31 and younger) have owned between two and five homes. Approximately 58% of respondents have owned more homes than their parents did when their parents were at a comparable age.

"These findings suggest that this trend will continue as the younger, upper income generations age," says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corp. "Baby Boomers have already equaled the homeownership pace of those 61 and older, and they remain in their prime homebuying years. The fact that Generation X and Echo Boomers are indicating that they have owned multiple homes already shows that they understand the value of buying and owning real estate."

The study also points out that homebuyers do not appear to be collecting houses as a means to expand their financial portfolios by constantly moving to bigger and more expensive houses. Instead, they move according to lifestyle needs.