This story was originally published in Builder.
The future of real estate will be significantly influenced by women, millennials and Hispanics, according to realtor.com®'s analysis of first names on 2018 home sales deeds.
Single women are one of the fastest-growing demographics in the housing market, according to the data. Although older Baby Boomer and Silent Generation women are leading the charge, the increase in deeds with female names is particularly visible when comparing genders within the millennial generation. Looking solely at names with a peak year between 1981 and 1997, millennial female names are outpacing millennial male names, with home sales with female names beating male name home sales by 1.5% (6.9% versus 4.4% on average year-over-year, respectively). Seven of the top 10 fastest growing buyer names are predominately millennial female names, and all of them peak in the 1980s and 1990s.
Overall, Hannah, Austin, Alexis, Logan, and Taylor -- of which three are predominantly female names -- were the top five fastest growing first names on home sales deeds in 2018, with their frequency seeing an average increase of 22% from 2017. While Michael, John, David, James, and Robert were still the top five first names on sale deeds by sheer volume, these names saw a 3% to 5% decline over 2017.
"First names associated with women -- especially millennial women -- saw a significantly faster level of home sales growth in 2018, giving us a sneak peek of homeownership trends in 2019," said Javier Vivas, director of economics research at realtor.com®. "Hispanics and millennials names overall also saw a surge in home purchases last year. If these buyers can continue to break through the affordability barrier, they are likely to make up a larger share of owners than ever before and dominate the market for years to come."
Millennials are NOT the rent generation
In 2018, home sales with millennial names increased 5.3%, followed by Gen X names at 0.8%. Names of Boomers (born 1946 to 1964) and the Silent Generation (born before 1945) fell 2% and 3.5%, respectively.
Geographically, millennial buyer names are particularly over represented in Kansas, Indiana, Louisiana, Missouri, and Utah - states where housing affordability remains above national levels - confirming that jobs and availability of entry level homes act as magnets for young buyers.
The rise of Hispanic influence
Deed data also shows a growth in Hispanic names. In 2018, home sales associated with traditionally Hispanic names and partially Hispanic names increased 4.1% and 3.7%, respectively year-over-year. While sales with non-Hispanic names remained virtually flat at 0.1% year-over-year.
Notably, 26 of the top 100 fastest-growing names are traditionally of Hispanic origin. Within this category, Hispanic buyer names skew slightly older than their non-Hispanic counterparts, with a median birth year of 1979 and 1982 respectively.
Geographically, Hispanic buyer names are naturally concentrated in the South and Southwest. California, Texas, Nevada, New Mexico, and Arizona are among the top states, unsurprising given their proximity to Central America. On the East Coast, sales to buyers with Hispanic names are over represented in Florida, Illinois, and New Jersey, where demand for homes from domestic and international buyers of South American and Caribbean origin tends to be concentrated.
This story was originally published in Builder.
