Home Buyers 18-35 Age Range Have Buying Power

By: Real Estate Advisor

Young adults aged 18 to 35 with household incomes of $100,000 and above make prime prospects as home buyers especially for upscale homes, according to Bob Jordan, president of International Demographics, Inc., a market research firm that publishes The Media Audit. In the 87 metro markets the Media Audit surveys, 23.2 million adults have household incomes of over $100,000. Of these adults, 26.56 % fall under the age bracket of 18 to 35, forming a considerable chunk of young affluent home buyers.

The percentage of young people with money is much higher than that of people aged 55 and above. The survey shows that 18 to 35 year olds represent a strong buying population with more number of adults having six-figure incomes under the age of 35 than there are over the age of 54.

A higher level of education among these young adults with money is also predicted to play a significant part in the marketplace. According to the survey, young affluent women of this demographic group outnumber their counterparts in terms of education. Women with one or more degrees account for 56 % while the percentage of men is only 46 %. However, 60.9 % of younger men have six-figure incomes far exceeding the 39.1 % of women. Men become wealthier faster when compared with women, with 19.4 % of 18 to 20 year old men climbing the $100,000 income ladder more quickly compared with the 15.6 % of women.

Another interesting trend that is typical of young women with high levels of disposable income is that they show higher inclination of buying larger or more expensive homes as compared with young men of the same age group. The study also throws light on the homeownership of both male and female falling within the age group of 18 to 35. The number of women owning homes in this age group is greater at 80.7 % when compared with the 74.3 % of men. The survey reveals that 46.5 % of the women owned homes valued at $300,000 or more whereas, the male population owning homes of the same value was slightly lesser at 42.2 %.

The Media Audit survey also contains some other interesting demographic stats on the young-with-money. People falling in the age group of 25-34 form a whopping 62.2 %, of which 58.3 % are Caucasian, 15 % are Hispanic, 12.7 % are Asian and 9.7 % are African-American.

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