We love a data breakdown here at California Listings, and the latest comes from Zillow, who released the 2021 Housing Trends Report this week.
The high-level report out shows that the typical homeowner in the U.S. is 56 years old, married, has at least some college education, and is most likely to live in the South. Most of these characteristics have not changed substantially, if at all, over the last few years, according to Zillow. Some 82 percent of homeowners live in a single-family home—typically three bedrooms, two bathrooms and about 1,725 square feet.
In terms of who owns in the U.S., Baby Boomers (age 57-76) have the largest piece of the home ownership pie at 42 percent. They’re followed by Generation X at 28 percent and Millennials at 17 percent. Almost half of homeowners, 48 percent, describe the area that they live in as suburban, while 27 percent say they live in a rural area, and the remaining 25 percent say they live in an urban area.
Elsewhere, the report notes that homeowners tend to have higher income than the U.S. population overall, with the annual median household income among homeowners coming in at $77,500, compared to the overall national median of $65,700.
Approximately 44 percent of homeowners are still living in the first home they purchased, and 51 percent have been in their home for 15 or more years. About a quarter of homeowners are in their second home.
For more on Zillow’s 2021 Housing Trends Report, click here.