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Your Age Helps Determine the Home You Buy
recent survey by the National Association of Realtors found sharp differences in the choices made by younger and older homebuyers, reflecting different life situations and changing priorities. For example: Younger buyers choose older homes. As age of the buyer increases, the age of the home declines, with younger buyers tending to choose single-family homes and older buyers opting for townhouses and condos. Among homebuyers age 32 and younger, 79 percent are buying their first property, compared with only 5 percent among buyers ages 67 to 87. The percentage drops reliably as homebuyers get older, until those age 88 and above. Then, curiously, the trend reverses course. Among the eldest senior citizens, 13 percent of homebuyers are finally ready to take the plunge. There are many reasons for purchasing a home, but younger buyers tend to want a home of their own, while older buyers want to downsize and also to be closer to family and friends. Click here to read more (Photo: Flickr/Latteda)For younger homebuyers, the most important factors in choosing a property are convenience to jobs, affordability, and quality of the local school district. For older buyers, what matters most are proximity to friends, family, and health care facilities. Call it a generation gap. A