32 Must-Know Home Buying Statistics for 2022

Purchasing a home is one of the biggest investments a consumer makes, unleashing a flurry of economic and spend activity. In fact, movers represent a $170B audience as they spend across numerous products and services before and after the move. Take a look at this list of home-buying statistics for 2022 for more insight into moving consumers, including who they are, why they move, and how they spend.

Homebuyer Characteristics

1. Most buyers (86%), purchase a previously owned home. (National Association of Realtors® NAR)
2. 33% of homebuyers between the ages of 29 and 38 say they bought their home to take care of their parents. (National Association of Realtors® NAR)
3. 61% of buyers ages 31 – 40 had one or more children under the age of 18 residing in the home. (National Association of Realtors® NAR)
4. First-time buyers made up 31% of all home buyers in 2021. (National Association of Realtors® NAR)
5. 62% of homebuyers in 2021 were married couples, 18% were single females, 9% were single males, and 9% were unmarried couples. (National Association of Realtors® NAR)

Reasons for Purchasing a Home

1. 58% of buyers cite “neighborhood quality” as a key buying factor. (National Association of Realtors® NAR)
2. Upsizing, or moving into bigger homes to support their growing families, is the primary reason why movers move. (Porch Group Media/Porch New Mover Trends Report)
3. Young people most often purchase their first home because they desire homeownership. (National Association of Realtors® NAR)
4. Top three reasons reported in favor of purchasing a new home include avoiding renovations, the ability to customize and the amenities of new home communities. (National Association of Realtors® NAR)
5. Top three reasons reported in favor of purchasing a previously owned home include better value, better overall price and more charm or character. (National Association of Realtors® NAR)
6. For buyers 22 to 29 years, commuting costs were very important when choosing a home (44%). (National Association of Realtors® NAR)
7. More than half (64%) of movers have had a recent life event, such as starting a new job or getting married. (Porch Group Media/Porch New Mover Trends Report)

Homebuying Process

1. The top reported first step in a home buyer’s process was looking online for properties for sale (43%), followed by contacting a real estate agent (18%). (National Association of Realtors® NAR)
2. Millennials identify “understanding the homebuying process” as one of the most difficult steps in the homebuying journey. (Homebuyer Statistics)
3. Buyers typically finance 88% of their home purchase price. (Realtor.org)
4. 11% of all buyers cited that saving for a downpayment was the most difficult step in the home buying process. For buyers 30 years and younger, this was 25 percent compared to only one percent of buyers 66 years and older. (National Association of Realtors® NAR)

Home Characteristics

1. The two most desired home features across generations are a primary bedroom with a private primary bathroom and a fenced-in backyard. (Coldwell Banker)
2. 80% of all homes bought in 2021 were detached single-family homes. (National Association of Realtors® NAR)
3. Carpeting is less popular among all three generations, with only 20% of millennials, 21% of Gen X and 21% of boomers saying that carpeting would make them more likely to purchase a home. (Coldwell Banker)
4. Only 1 in 6 homebuyers will compromise on home conditions if the location and price are right. (Homebuyer Statistics)
5. Roughly 7 in 10 millennials (70%) and Gen Xers (71%) say they would be willing to sacrifice home size for a move-in ready home. Boomers agree but at a lower rate (63%).  (Coldwell Banker)
6. For homebuyers 65 to 73, windows, doors, and siding were listed as very important features. (National Association of Realtors® NAR)
7. The most common type of home purchased is the detached single-family home, which made up 81% of all homes bought in 2021. It was most common among all generations. Buyers 22 to 30 purchased townhomes at higher shares than other age groups. (National Association of Realtors® NAR)

Purchase Habits of New Homebuyers and New Movers

1. On average, movers spend over $11,000 on all items and services during and within the first 12 months of moving. (Porch Group Media/Porch New Mover Trends Report)
2. A substantial majority of movers say they would be likely to try a new brand/company for any items (90%) and a new provider/company for any services (88%). (Porch Group Media/Porch New Mover Trends Report)
3. Around a third of those planning to move in the next three months say they have a budget in mind for the purchases they need to make once they move, but not the actual move itself. (Porch Group Media/Porch New Mover Trends Report)
4. The top items movers typically purchase within the first 12 months of moving are furniture/home decor, a TV, and appliances. (Porch Group Media/Porch New Mover Trends Report)
5. Internet, utilities, and home security top the list of services movers anticipate needing to find a provider for within the first 12 months of moving. (Porch Group Media/Porch New Mover Trends Report)
6. 46% of movers say they use online research to research the types of business items they may purchase. Over three in ten (37%) movers utilize online customer reviews and recommendations from family/friends/ neighbors. (Porch Group Media/Porch New Mover Trends Report)

Statistics About Home Ownership after the Move

1. 83% of movers say they are doing/planning home improvement projects. (Porch Group Media/Porch New Mover Trends Report)
2. Top home improvement projects include painting (45%), redecorating (38%), kitchen remodels (38%), landscaping (35%), and bathroom remodels (32%). (Porch Group Media/Porch New Mover Trends Report)
3. 64% of Millennials expressed “regret about purchasing their current home.” Older generations showed much less regret, with only 45% of GenX and one-third of Baby Boomers expressing similar sentiments. (BankRate/YouGov)

Be sure to also check out our post on top items movers are spending on!

2021 New Mover Trends Report from Porch Group and Porch Group Media

The 2021 New Mover Trends Report from Porch and Porch Group Media explores the profile of today’s new movers and provides valuable insights into movers’ life events, spending behaviors, attitudes about moving, and much more. Download your free copy here!

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