Home Buyer Demographics
“In the U.S., first-time homebuyers are, on average, 33 years old. Te average age of homebuyers overall is 47,” reported Jonathan Russell in the article, “At what age do most people buy a house?” published in Mortgage Professional magazine on October 10, 2022. Citing U.S. Census Bureau data which reported Millennials surpassed Baby Boomers by population in 2019, he noted, “For real estate marketers, Millennials represent a major portion of the housing market.” And added, the “sheer number of Millennial homebuyers is perhaps why,” and “over the past five years, that generation’s ownership rate has increased faster than their predecessors. Tis, however, is likely due to the stage that most Millennials find themselves in.” Later in the article, he reported, “As for marital status, 60 percent of recent homebuyers were married couples, while 19 percent were single females, 9 percent were single males, and 9 percent were unmarried couples.”
Consumers Continue to Value and Seek Green Spaces
Te entire green industry experienced a pandemic- prompted surge in sales in 2020 that carried into 2021, continued in 2022, and is predicted to remain strong in 2023, despite inflationary pressures. Consumers have experienced home as a haven, and they like it. Te driving forces remain the same. Consumers want to create outdoor spaces better adapted to their lifestyle needs, with
play areas for children, space for family gatherings, and aesthetically pleasing alcoves for working, entertaining, or simply relaxing. And the natural grass lawn provides the stage for all of this.
Te Axiom Market Insights: 2023 Gardening Outlook is based on the company’s annual survey. It reports gardeners have a sunny outlook for 2023, noting “homeowners in several age groups are looking forward to spending more time and money (on gardening) next year.” And, related to spending, “More than 80 percent say they will spend the same amount or more in 2023. With 42.9 percent saying the same, and 38.3 percent more.” It reported, “Younger and male gardeners represent a growth opportunity.” And noted, “Tis could be a sign that the industry is on track to keep many of the new gardeners who started gardening during the pandemic.”
Tat positive outlook is widespread. According to Axiom, “Survey respondents came from all across the U.S. with 51.7 percent Suburban, 27.9 percent Urban, 5.6 percent Small Town/non suburban, and 14.8 percent Rural.” Tus, the sod producer’s goal for 2023 is making sure your sales of natural grass sod are part of that spending picture.
Suz Trusty is co-editor of Turf News.
TPI Turf News March/April 2023
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