21.0% Of Georgia Homebuyers Are 55+ Years Old, Above U.S. Average

Staff Report

Wednesday, April 12th, 2023

The U.S. housing market looks drastically different than it did before the pandemic, creating numerous challenges for prospective homebuyers.

The median sales price of a home skyrocketed from $329,000 in the first quarter of 2020 to $467,700 in the last quarter of 2022 amid red-hot demand. Typical mortgage rates more than doubled over the course of 2022, and today rates sit at their highest levels since the Great Recession. And while increased prices and high interest rates have discouraged demand as of late, the U.S. housing supply is inadequate for the current population and anticipated growth. This issue–which predated the pandemic–will continue to create competition and spur rising prices in the market.

And adding to all these challenges are the dynamics between different generations in the U.S. population, including older owners and homebuyers.


The aging of the Baby Boomer generation—defined as those born between 1946 and 1964—has driven the share of the U.S. population age 55 and older upward in recent years, from 24.1% in 2010 to 28.9% in 2021. This older segment of the population owns 57% of household real estate wealth in the U.S. as of Q4 2022. And more so than previous generations, older Americans are increasingly choosing to age in place, which means that fewer existing homes will end up on the market.


Older Americans’ decisions to stay out of the real estate market and age in place stand in stark contrast to younger generations, who represent a much larger share of homebuyers. Where younger people may look to buy a home to be closer to job opportunities or start a family, older people often have less urgency to move as they reach the end of their careers or their children grow up. And while young people may be eager to build equity through homeownership, older people may want to avoid moving when their housing costs have been locked in or their home is potentially paid off altogether. As a result, all Americans age 55 and older represent 20.7% of homebuyers—less than both the 25–34 cohort (30%) and the 35–44 cohort (27.2%).

Older buyers frequently do have advantages when they choose to enter the market. Most importantly, they tend to have greater accumulated savings or equity than many younger buyers, which makes it easier to afford a higher-priced home or secure affordable financing if needed. These advantages can put older buyers in a good position to purchase homes, even in the type of competitive environment the market has experienced recently.


The older buyers who are in the market for homes are showing the most interest in areas known for warm climates, recreational activities, and other draws for retirees and people later in their careers like lower costs. Delaware leads the nation with 38% of its homebuyers being age 55 and older, and southern states like Florida and South Carolina and western states like Arizona and Nevada also rank highly. At the local level, major metros in these states—such as Tucson, Las Vegas, and Tampa—also attract high percentages of older homebuyers.

The data used in this analysis is from the Federal Financial Institutions Examination Council. To determine the locations with the oldest homebuyers, researchers at Construction Coverage calculated the percentage of homebuyers that are age 55 and older. In the event of a tie, the location with the greater percentage of homebuyers age 65 and older was ranked higher. For the purpose of this analysis, only conventional residential mortgages originated in 2021 were considered.

The analysis found that 21.0% of homebuyers in Georgia are age 55 or older, with a median home purchase price of $335,000. Here is a summary of the data for Georgia:

  • Percentage of homebuyers age 55+: 21.0%

  • Percentage of homebuyers age 65+: 8.0%

  • Percentage of homebuyers age 75+: 1.6%

  • Median home purchase price for homebuyers age 55+: $335,000

For reference, here are the statistics for the entire United States:

  • Percentage of homebuyers age 55+: 20.7%

  • Percentage of homebuyers age 65+: 8.0%

  • Percentage of homebuyers age 75+: 1.6%

  • Median home purchase price for homebuyers age 55+: $355,000

For more information, a detailed methodology, and complete results, you can find the original report on Construction Coverage’s website: https://constructioncoverage.com/research/cities-with-the-oldest-homebuyers-2023