While the average first-time homebuyer is 32, most people believe that age should be a bit lower, according to a recent porch.com study on generational expectations.
Across generations, millennials think age 30 is the “proper” age to purchase your first home, while Generation X said 28 and baby boomers said age 27. Each generation also reported that their parents would think it was time to buy a home even sooner. Millennials said they think their parents would say 26 is the proper time to purchase, while Generation X reported their parents would say 25 and baby boomers think their parents would say 27.
What is the biggest life goal between ages 18 and 25? According to both respondents and their parents’ expectations, it’s overwhelmingly getting a bachelor’s degree. After that, respondents’ and their parents’ opinions change. Respondents said that having a savings account, buying a car and being able to cook are all goals to achieve between 18 and 25, while they think their parents would say balancing a checkbook, having a savings account and getting married are objectives to strive for.
What goals do people feel the most pressure by their families to achieve? Millennials felt the most pressure to earn a bachelor’s degree, at 34%, as did baby boomers at 29%, while Generation X said having a job by age 18 at 29%. Each generation said owning a home by a certain age was not something they felt pressured by their parents to achieve by a certain age.
However, nearly half of millennials (48%) and Generation X (47%) felt judged by their parents for their life goals, compared to 39% of baby boomers.