Today’s Homeowner: Older, Married and Living in Their Home for a Decade Plus
The Zillow Group Consumer Housing Trends Report 2018 has some interesting statistics about today’s homeowner.
- 54% of homeowners are older than 53.
- 42% belong to the Baby Boom generation, 13% belong to the Silent Generation.
- Despite their older age, 52% of homeowners are employed. 20% are not employed because they’re homemakers, unemployed or unable to work due to disability.
- Over a quarter (28 percent) of today’s homeowners are retired.
- The typical homeowner has a partner, a median age of 55, and a median household income of $72,500.
- Home equity is the biggest financial asset for the typical American homeowner, who has 52% of their wealth in their home.
- Six in 10 homeowners are still paying off their mortgage, and the typical mortgaged homeowner owes 62% of their home’s value.
- 64% of homeowners view their home as a financial investment, while 36% say they see their home more as a reflection of their identity.
- 45% of homeowners still live in the first home they purchased.
- 27% of homeowners have owned one home before.
- 27% have owned multiple homes previously.
- Homeowners insure their homes against typical losses. 89% have standard insurance, but only 39% are covered for storm damage from tornadoes, hail and falling trees.
- 83% of homeowners say they love their home.