Buyers in Brief

Last week, we shared a snapshot of sellers on the market in 2023 from the California Association of Realtors. Now it’s time to take a look at buyers braving the waters.

Contrary to what you might guess, it’s the Millennial Generation in the driver's seat on the buyer bandwagon, with nearly half the buyers coming from that age bracket. All told, it’s also an experienced cohort. Buyers have a median age of 45, nearly two in three are married, and 64% are repeat buyers.

See the infographic below for more numbers.

Diversity is Our Identity

The Census Bureau recently released data from their American Community Survey (ACS) for 2022, and some interesting numbers pop out in Santa Clara County. For example, 62% of households are single family homes, and 60% of housing units were constructed prior to 1980.

An astounding 41% of the county’s residents are foreign born, and 55% speak a language other than English at home, making this one of the most diverse communities in the country — and the world.

Geek's Number Talk: Parenthood Deferred

Digging deep into the data, the Census Bureau recently found that people are having children later in life. Between 1990 and 2019, the median age of first-time parents rose from 27 to an all-time record of 30. A variety of factors are at play here but the bottom line is more people are having kids in their 30s and 40s instead of their 20s. This shift could also have a significant impact on when new families get into the housing market. The AP has more numbers.