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California Market Segmentation

Delivered April 8th, 2019. Contributors: Kevin D., Oshione S., Esther A., Norman, Chidile S., Praise O., Rosalind R., Rosalyn D., Sweta S., George K., STEPHEN A., Funmi A., Leonard L., Nyaingo J., Rachael A., ChristineD, Caitlin T., Hellen O., Sarah D., Neema and

Part
01
of twenty-six
Part
01

California Market Segmentation - Age Groups

According to data provided by the California Department of Finance, the 2019 millennial population of California is approximately 8,035,380, or 19.941% of the total population; the 2019 Generation X population is approximately 7,691,051, or 19.086% of the total population; and the 2019 baby boomer population is approximately 8,506,596, or 21.110% of the total population. These figures have also been added to the relevant cells of the attached spreadsheet. Below is the methodology employed to find this data, followed by a complete breakdown of the data itself and the calculations used to arrive at these figures, as well as the age ranges used to define the millennial, Generation X and baby boomer generations in the context of this report.

Methodology

To find the population of California broken down on generational lines, we first conducted a search of governmental agencies, both federal and state. The US Census Bureau conducts a decennial census that could provide reliable data, but unfortunately the most recent census was conducted in 2010; a 2018 population estimate from the agency is not broken down by age. The California Department of Finance offers one relevant data set: projections of California's total population broken into five-year age groups, with a baseline from 2016. This would allow us to calculate the approximate generational breakdown of California's population in 2019, based on the agency's yearly projections.

Nonetheless, we continued our search, hoping to find data that was more granular (i.e. broken into more precise age groups) and/or more recent. We could not find any other useful data provided by governmental organizations, so as a second approach we conducted a search of reputable nongovernmental organizations, such as Pew Research, Gallup and others. We found a potentially-useful data set provided by the Henry J. Kaiser Family Foundation, a nonprofit research and analysis organization. Two drawbacks of this data are its age (produced in 2017) and its less-granular nature, broken into ten-year age ranges, as opposed to the five-year ranges of the California Department of Finance Data. We could not find any additional data sets from nongovernmental organizations that could be more useful than those already found.

As a third approach to find more granular or up-to-date data, we conducted a news search, including both nationally-focused outlets like The New York Times and The Washington Post, as well as outlets focused on California, like the Orange County Register (OCR). Our aim with this approach was to find news articles which could lead us to better data sets than the ones already found. However, we could not find any superior data sets in relevant articles. In fact, the OCR published a relevant article, but drew from the above-mentioned US Census Bureau and California Department of Finance data. Our failure to find superior data in this approach suggests that the data uncovered in the previous two approaches is likely the best data currently available in the public domain.

Of the three potentially-useful data sets found, we elected to utilize the California Department of Finance data. It is based on more recent data than the US Census Bureau data (2016 vs. 2010) and is more granular than the Henry J. Kaiser Family Foundation data (five-year vs. ten-year age ranges). Additionally, the California Department of Finance's projections, based on a robust scientific methodology, allows us to provide 2019 estimates, in lieu of data from several years ago that would be slightly outdated. Furthermore, the California Department of Finance data is widely-cited, both by media outlets like the OCR and by reputable organizations like Public Policy Institute of California, indicating its widespread acceptance and authoritativeness. Below are the calculations we performed, based on this data, to determine the California population broken down on generational lines.

Data and Calculations

Because the California Department of Finance data breaks down California's population by five-year age ranges, we could not conform strictly to the generational age ranges of 23-38 for millennials, 39-54 for Generation X, and 55-75 for baby boomers. We modified these ranges slightly, as follows:

Millennials: 25-39
Generation X: 40-54
Baby boomers: 55-74

According to this data set, the approximate total population of California is as follows:

Total women: 20,215,380 
Total men: 20,079,972 
Total population: 20,215,380 + 20,079,972 = 40,295,352 

According to this data set, the approximate 2019 millennial population of California is as follows:

Women, 25-29: 1,295,650 
Women, 30-34: 1,244,263 
Women, 35-39: 1,356,877 
Total millennial women: 1,295,650 + 1,244,263 + 1,356,877 = 3,896,790 

Men, 25-29: 1,399,748
Men, 30-34: 1,326,463 
Men, 35-39: 1,412,379 
Total millennial men: 1,399,748 + 1,326,463 + 1,412,379 = 4,138,590 

Total millennial population: 3,896,790 + 4,138,590 = 8,035,380 
Percentage of total population: 8,035,380/40,295,352=19.941% 

According to this data set, the approximate 2019 Generation X population of California is as follows:

Women, 40-44: 1,260,647 
Women, 45-49: 1,301,951
Women, 50-54: 1,274,310 
Total Generation X women: 1,260,647 + 1,301,951 + 1,274,310 = 3,836,908 

Men, 40-44: 1,282,245
Men, 45-49: 1,303,357 
Men, 50-54: 1,268,541 
Total Generation X men: 1,282,245 + 1,303,357 + 1,268,541 = 3,854,143 

Total Generation X population: 3,836,908 + 3,854,143 = 7,691,051 
Percentage of total population: 7,691,051/40,295,352 = 19.086% 

According to this data set, the approximate 2019 baby boomer population of California is as follows:

Women, 55-59: 1,312,709
Women, 60-64: 1,227,317 
Women, 65-69: 1,049,491 
Women, 70-74: 846,975 
Total baby boomer women: 1,312,709 + 1,227,317 + 1,049,491 + 846,975 = 4,436,492 

Men, 55-59: 1,265,812
Men, 60-64: 1,141,527 
Men, 65-69: 933,164 
Men, 70-74: 729,601 
Total baby boomer men: 1,265,812 + 1,141,527 + 933,164 + 729,601 = 4,070,104 

Total baby boomer population: 4,436,492 + 4,070,104 = 8,506,596 
Percentage of total population: 8,506,596/40,295,352=21.110% 
Part
02
of twenty-six
Part
02

California Market Segmentation - Marriage Rates

After conducting extensive research on the percentage of married millennial household income in California, our research team was able to provide an estimate of the number of married millennial population and the corresponding percentage in the three household income groups.

From our research, the population of married millennials in California that have a household income of $75,000 per year or less was estimated to be 1,555,248 (39.5%); also those with household income of $75,000 to $100,000 per year was estimated to be 535,478 (13.6%) and over $100,000 per year was estimated to be 1,846,611 (46.9%,)

Our research team has completed row 9-11, columns E-F of the project spreadsheet.

Continue below for a deep dive into our research strategy.

METHODOLOGY

We began our research by combing through credible government databases of U.S. Census Bureau, Census Reporter, and Census California for information regarding married millennial income in California. The information we found there was mostly relating to household income by population percentage, median household incomes, poverty data, and per capita income but no information regarding the breakdown of income of household by age or married and non-married people.
Next, we broadened the scope of the research to look for the information on reputable nongovernmental organizations, such as the Public Policy Institute of California, Pew Research and American Fact Finder. We found a potentially-useful data set provided by American Fact Finder for triangulating married millennial income level by household other information found was statistics and future projection.
Lastly, we conducted research on reputable media publications, financial reports, and world population review. We were able to unearth recent information regarding married family income in California. Our research team used this data point to triangulate the requested information.
Continue below for details into our assumptions and calculations.

ASSUMPTION

In order to ensure that we are providing relevant and accurate information; we have defined some terms as used in the request.
  • Household: A household is composed of one or more people who occupy a housing unit; not all household contain families.
  • Family household: Family households consist of two or more individuals who are related by birth, or marriage.
  • Non-family household: These are unmarried couples living together in a housing unit.
Therefore, we assume that married household income represents married families’ household income as these were the term used by a world population review report.

CALCULATIONS

Percentage distribution of married family household income in California:

Married families’ household income of less than $75,000 per year:
Less than $10,000 = 1.6%
$10,000 to $14,999 = 1.6%
$15,000 to $24,999 = 5%
$25,000 to $34,999 = 6.1%
$35,000 to $49,999 = 9.6%
$50,000 to $74,999 = 15.6%
Less than $10,000 to $75,000 = 39.5%
Married families’ household income $75,000 to $100,000 = 13.6%
Married families’ household income over $100,000.
$100,000-$149,999 = 20.3%
$150,000-$199,999 = 11.4%
Over $200,000 = 15.2%
Married families’ household income over $100,000 = 46.9%
Total number of married millennial in California = 3,937,336
  • Household income of less than $75,000 per year % x married millennial = 39.5% x 3,937,336 = 1,555,248
  • Household income between $75,001 to $100,000 per year % x married millennial = 13.6% x 3,937,336 = 535,478
  • Household income more than $100,000 per year % x married millennial = 46.9% x 3,937,336 = 1,846,611

Part
03
of twenty-six
Part
03

California Market Segment - Married Millennials Income

After conducting extensive research on the percentage of married millennial household income in California, our research team was able to provide an estimate of the number of married millennial population and the corresponding percentage in the three household income groups.

From our research, the population of married millennials in California that have a household income of $75,000 per year or less was estimated to be 1,555,248 (39.5%); also those with household income of $75,000 to $100,000 per year was estimated to be 535,478 (13.6%) and over $100,000 per year was estimated to be 1,846,611 (46.9%,)

Our research team has completed row 9-11, columns E-F of the project spreadsheet.

Continue below for a deep dive into our research strategy.

METHODOLOGY

We began our research by combing through credible government databases of U.S. Census Bureau, Census Reporter, and Census California for information regarding married millennial income in California. The information we found there was mostly relating to household income by population percentage, median household incomes, poverty data, and per capita income but no information regarding the breakdown of income of household by age or married and non-married people.
Next, we broadened the scope of the research to look for the information on reputable nongovernmental organizations, such as the Public Policy Institute of California, Pew Research and American Fact Finder. We found a potentially-useful data set provided by American Fact Finder for triangulating married millennial income level by household other information found was statistics and future projection.
Lastly, we conducted research on reputable media publications, financial reports, and world population review. We were able to unearth recent information regarding married family income in California. Our research team used this data point to triangulate the requested information.
Continue below for details into our assumptions and calculations.

ASSUMPTION

In order to ensure that we are providing relevant and accurate information; we have defined some terms as used in the request.
  • Household: A household is composed of one or more people who occupy a housing unit; not all household contain families.
  • Family household: Family households consist of two or more individuals who are related by birth, or marriage.
  • Non-family household: These are unmarried couples living together like gay and lesbian in a housing unit.
Therefore, we assume that married household income represents married families’ household income as these were the term used by world population review report.

CALCULATIONS

Percentage distribution of married family household income in California:

Married families’ household income of less than $75,000 per year:
Less than $10,000 = 1.6%
$10,000 to $14,999 = 1.6%
$15,000 to $24,999 = 5%
$25,000 to $34,999 = 6.1%
$35,000 to $49,999 = 9.6%
$50,000 to $74,999 = 15.6%
Less than $10,000 to $75,000 = 39.5%
Married families’ household income $75,000 to $100,000 = 13.6% 
Married families’ household income over $100,000.
$100,000-$149,999 = 20.3%
$150,000-$199,999 = 11.4%
Over $200,000 = 15.2%
Married families’ household income over $100,000 = 46.9%
Total number of married millennial in California = 3,937,336
  • Household income of less than $75,000 per year % x married millennial = 39.5% x 3,937,336 = 1,555,248
  • Household income between $75,001 to $100,000 per year % x married millennial = 13.6% x 3,937,336 = 535,478
  • Household income more than $100,000 per year % x married millennial = 46.9% x 3,937,336 = 1,846,611

Part
04
of twenty-six
Part
04

California Market Segment - Unmarried Millennials Income

The percentage of unmarried Millennials in California having a household income of $75,000 or 50.35%; the percentage of unmarried Millenials having a household income between $75,001 - $104,999 is 12.05%; and the percentage of unmarried Millenials having a household income of more than $105,000 is, 35.17%. We have summarized the findings of our research on the attached spreadsheet.

Research methodology

In our efforts to provide a comprehensive brief describing the percentage of the Millennial population in California, that are unmarried, have a household income of less than $75,000 per year, between $75,001 - $104,999, and more than $105,000, we relied on the previous research briefs produced by some of our best researchers. In one research brief titled "California Market Segmentation - Age Groups", we were able to identify that in 2019, the Millennial population in California is approximately 8,035,380, which represents 19.9% of the total population in California. Another similar research brief titled "California Market Segmentation - Marriage Rates" detailed that the total unmarried Millenial population in California is 4,098,044, which represents 51% of the total unmarried Millennials in California. Hence, in our efforts to determine the percentage of each income category of unmarried Millennial groups of California we made the assumption that if we were able to obtain data regarding the income categories and corresponding percentages of the general population of California, we can use the data to triangulate the specific income group percentages for unmarried Millennials.

According to a 2017 survey report from the US Census Bureau regarding different household income group percentages of the general population of California. The percentages are as given below:
  • Less than $10,000- 5.1%
  • $10,000 to $14,999 - 4.3%
  • $15,000 to $19,999 - 3.7%
  • $20,000 to $24,999 - 4.2%
  • $25,000 to $29,999 - 3.6%
  • $30,000 to $ 34,999 - 4%
  • $ 35,000 to $ 39,999 - 3.7%
  • $ 40,000 to $ 44,999 -3.8%
  • $45,000 to $ 49,999 - 3.4%
  • $ 50,000 to $ 59,999 -6.7%
  • $60,000 to $ 74,999 - 9.3%
  • $ 75,000 to $ 99,999 - 12.3%
  • $ 1,00,000 to $ 1, 24, 999 -9.8%
  • $ 1,25,000 to $ 1,49,999 -6.6%
  • $ 1,50,000 to $ 1,99,999 -8.4%
  • $ 2,00,000 or more - 11.1%

In the above given percentages, it is clarified by the data providers that for each percentage, there can be a standard variation of +/-0.1%. This is why the total percentages add up only close to 100.

Now, the three income categories specified in the request are:
  • less than $75,000
  • between $75,001 - $104,999
  • more than $105,000

To find the general population percentages for these three categories, the corresponding sub-categories in the above data set have to be added up. The calculations are as given below:

  • General population with household income less than $75,000 = sum total of percentages of all income groups below $75,000

= 5.1% + 4.3% + 3.7% + 4.2% + 3.2% + 4% + 3.7% + 3.8% + 3.4% + 6.7% + 9.3% = 51.4%

  • General population with household income between $75,001 - $104,999 is approximately equal to the population that has a household income between $75,000 to $99,999, that is, 12.3%.

Since the American Community Survey has no income category corresponding to the $75,001 - $104,999 income group, we made the assumption that the percentage for the income category, $75,000 to $99,999, is approximately equal to that.

  • General population with household income more than $105,000 is assumed as approximately equal to the sum total of the population percentages of $1,00,000 to $1, 24, 999 and above categories. This assumption is made because the percentage for the particular income group, more than $105,000, is not provided in the American Community Survey data set. As the difference here and in the previous category is $5000 only, it is assumed that the difference is insignificant. Hence, the general population percentage for this income category is calculated as, 9.8% +6.6% + 8.4% + 11.1% = 35.9%

When one adds the three percentage categories triangulated above, we get the percentage of 99.6%. This is not 100% because of the variation of +/-0.1% in the individual percentages as noted by the data providers themselves.

Now we have the California's general population percentages for each of the three income categories. However, according to the 2018 estimates by the US Census Bureau, the total population of California is 39,557,045. So the number of people in each of the income categories as triangulated above is,

CALCULATIONS
  • People with household income less than $75,000 = 39,557,045 x 51.4% = 2,03,32,321
  • People with household income between ($75,001 - $104,999)= 39,557,045 x 12.3% = 4,865,517
  • People with household income more than $105,000 = 39,557,045 x 35.9% = 14,200,979

Since Millennials represent 19.9% of the total Californian population according to previous Wonder research, the percentage of Millennials in each of this income categories can be calculated as:

CALCULATIONS
  • Millennials in California with household income less than $75,000 =2,03,32,321 x 19.9% =4,046,132
  • Millennials in California with household income between ($75,001 - $104,999) =4,865,517 x 19.9% =968,238
  • Millennials in California with household income more than $105,000 = 14,200,979 x 19.9% = 2,825,995

The total number people in these 3 categories is 7,840,365 which is close to the total number of Millennials calculated by the previous Wonder researchers- 8,035,380. The difference between these two figures is owing to the percentage variation discussed earlier.

Now, from the figures triangulated above, we can calculate the number of unmarried Millennials in California in these three income categories as we have the percentage of unmarried Millennials in California from previous Wonder research.

The percentage is approximately 51%.

CALCULATIONS
  • Unmarried Millennials in California with household income less than $75,000 - 4,046,131 x 51% =2,063,526
  • Unmarried Millennials in California with household income between $75,001 - $104,999 - 968238 x 51% =493,801
  • Unmarried Millennials in California with household income more than $105,000 = 2825995 x 51% =1,441,257

From the figures obtained above, it can be calculated the percentage of Millennial population in California that are unmarried in the income categories. The calculation is as given below:

CALCULATIONS
Total number of unmarried Millennial population in California-4,098,044
  • Percentage of unmarried Millennials in California with household income less than $75,000 - 2063526 x 100/ 4,098,044 =50.35%
  • Unmarried Millennials in California with household income between $75,001 - $104,999 - 493801 x 100/ 4,098,044 =12.05%
  • Unmarried Millennials in California with household income more than $105,000 = 1441257 x 100/ 4,098,044 = 35.17%

Part
05
of twenty-six
Part
05

California Market Segment - Married Gen X Income

Household income of married Gen Xers in California is estimated to be 44.2% for income of less than $75,000 per year, 13.2% for income between $75,001 to $100,000 per year, and 42.6% for income more than $100,000 per year. The data has been completed in the attached spreadsheet. 

Methodology

We started our research by looking for a comprehensive report about the income distribution of married Gen Xers in California. We looked into government websites such as Census Bureau and Census California, and other external sources such as StateMaster, CensusReporter, Infoplease, American Fact Finder, World Population Review and the like. However, we were not able to find an income distribution by age and marital status. The only information we found was income by household type, income distribution by age, income distribution by marital status, poverty levels by income brackets, and other related statistics, but can’t directly answer the research.
Next, we tried looking at news publications, government and reputable organizations’ press releases to see any articles about the income distribution of married Gen Xers in California. These sources usually footnote the sources they used in the data they presented in their articles. This approach did not provide the specific data; instead, what we saw was similar to what we previously found.
Since there were no direct statistics that can provide exact answers on the income distribution of married Gen Xers in California, we proceeded to triangulate the data. We used the data presented by World Population Review which was the income by household type. The statistics were segmented by income brackets and different household types. The household types were households, families, married families and non families.
To ensure that we provided the accurate number of married household, we looked for the definitions of the household types which we have provided below. The definitions were obtained from the US Census Bureau Glossary and they as follows:
  • Household — includes all the people who occupy a housing unit.
  • Family — includes a householder and one or more other people living in the same household who are related to the householder by birth, marriage, or adoption.
  • Married-couple family or Married Family — includes a family in which the householder and his or her spouse are enumerated as members of the same household.
  • Nonfamily household — includes a householder living alone or with non relatives only.
Based on the definitions, the type or types of household that best represent the married household were the family and the married family. It’s because both types include married couples. Therefore, we decided to use both data by computing their average percentage. Finally, we collected the data for both family and the married family types and have used the same to triangulate an estimate for the requested data.

Findings

California married Gen Xers = 3,768,615 

CALIFORNIA MARRIED GEN XERS BY INCOME BRACKETS (IN NUMBERS)

  • California married Gen Xers with income ≤ $75k range = 1,665,728
  • California married Gen Xers with income >$75,001 — $104,999 = 497,457
  • California married Gen Xers with income $105k and up =1,605,430

CALIFORNIA MARRIED GEN XERS BY INCOME BRACKETS (IN PERCENTAGE)

  • California married Gen Xers with income ≤ $75,000= 44.2%
  • California married Gen Xers with income >$75,001 — $104,999 = 13.2%
  • California married Gen Xers with income $105k and up = 42.6%

Triangulation

To triangulate the data, we collected the information for both the family and the married family types.

For families

Less than $10,000 = 3.9%
$10,000 to $15,000 = 2.8%
$15,000 to $25,000 = 7.2%
$25,000 to $35,000 = 7.7%
$35,000 to $50,000 = 11.1%
$50,000 to $75,000 = 16.2%
$75,000 to $100,000 = 12.8%
$100,000 to $150,000 = 17.5%
$150,000 to $200,000 = 9.2%

For MARRIED FAMILIES

Less than $10,000 = 1.6%
$10,000 to $15,000 = 1.6%
$15,000 to $25,000 = 5%
$25,000 to $35,000 = 6.1%
$35,000 to $50,000 = 9.6%
$50,000 to $75,000 = 15.6%
$75,000 to $100,000 = 13.6%
$100,000 to $150,000 = 20.3%
$150,000 to $200,000 = 11.4%

After collecting the data, we computed the average percentage for families and married families types in each income brackets.
Less than $10,000 = (3.9% + 1.6%) ÷ 2 = 2.75%
$10,000 to $15,000 = (2.8% + 1.6%) ÷ 2 = 2.2%
$15,000 to $25,000 = (7.2% + 5%) ÷ 2 = 6.1%
$25,000 to $35,000 = (7.7% + 6.1%) ÷ 2 = 6.9%
$35,000 to $50,000 = (11.1% + 9.6%) ÷ 2 = 10.35%
$50,000 to $75,000 = (16.2% + 15.6%) ÷ 2 = 15.9%
$75,000 to $100,000 = (12.8% + 13.6%) ÷ 2 = 13.2%
$100,000 to $150,000 = (17.5% + 20.3%) ÷ 2 = 18.9%
$150,000 to $200,000 = (9.2% + 11.4%) ÷ 2 = 10.3%
Over $200,000 = (11.7% + 15.2%) ÷ 2 = 13.4%
Next, we grouped the income brackets according to the brackets given by the research criteria.
≤ $75,000
Less than $10,000 = 2.75%
$10,000 to $15,000 = 2.2%
$15,000 to $25,000 = 6.1%
$25,000 to $35,000 = 6.9%
$35,000 to $50,000 = 10.35%
$50,000 to $75,000 = 15.9%
Total percentage = 2.75 + 2.2 + 6.2 + 6.9 + 10.35 + 15.9 = 44.2%
> $75,000 — $105, 000 = 13.2%
$$105, 000 AND UP
$100,000 to $150,000 = (17.5% + 20.3%) ÷ 2 = 18.9%
$150,000 to $200,000 = (9.2% + 11.4%) ÷ 2 = 10.3%
Over $200,000 = (11.7% + 15.2%) ÷ 2 = 13.4%
Total percentage = 18.9 + 10.3 + 13.45 = 42.6%

Finally, using the percentages calculated, we computed the number of married Gen Xers in California by income brackets

≤ $75,000 = 44.2%
3,768,615 * 44.2% = 1,665,728
> $75,000 — $105, 000 = 13.2%
3,768,615 * 13.2% = 497,457
$105, 000 and up = 42.6%
3,768,615 * 42.6% = 1,605,430
Part
06
of twenty-six
Part
06

California Market Segment - Married Baby Boomer Income

Of the married population of baby boomers in California, 39.5% have a household income of less than $75,000 per year, 13.6%, between $75,001-$100,000, and 46.9% have incomes of more than $100,000 per year. We have provided the details of our findings in this spreadsheet and the brief below.

RESEARCH STRATEGY

We began our research for finding the household income of married baby boomers in California by trying first to determine the total number of married baby boomers in the region. We then looked for their household income through credible US government databases such as Census Bureau, Census Reporter, Census California, and Data Government Catalog. The information we found there was mostly related to household income by population percentage, median household incomes, poverty data, and per capita income, but provided no data regarding a breakdown of household income by age or married and non-married people.

We shifted our strategy to look for the requested information from credible non-governmental organizations, such as the Public Policy Institute of California, California Digital Library, Pew Research, and Gallup, along with data sets of California Health and Human Services Open Data Portal and American FactFinder. We found a potentially useful data set provided by American FactFinder, to triangulate the married baby boomer income level by household. However, the information obtained, provided statistics and future projections for baby boomers but did not contain any vital data points for calculating or triangulating the required info.

As a third approach to finding a more recent or straightforward answer, we researched reputable media outlets like The New York Times, The Washington Post, Forbes, and USA Today as well as California-focused outlets like the Orange County Register (OCR). Our aim for using this strategy was to find news articles or reports which could lead us to better data sets than the ones already obtained. We were able to get another report from World Population Review which supported the stats found on American FactFinder. As an added insight, we provided the median household income in California, in this document.

While these stats helped triangulate the household income level of married baby boomers, we were unable to find direct information specific to the number/percentage of married baby boomers household income. However, we used the data points from American FactFinder and World Population Review as a proxy for the percent of married baby boomers household income. Using the number/percentage of married baby boomers identified in the previous request, we performed the following calculations to estimate the household income of married baby boomers:

CALCULATIONS

PERCENTAGE DISTRIBUTION OF HOUSEHOLD INCOME IN CALIFORNIA
  • Household income of less than $75,000 per year:
We can obtain the percentage of households in California that earn less than $75,000 per year by summing up the percentages of different salary categories thus; $10,000 + $10,000-$14,999 + $15,000-$24,999 + $25,000-$34,999 + $35,000-$49,999 + $50,000-$74,999 = 1.6% + 1.6% + 5% + 6.1% + 9.6% + 15.6% = 39.5%

  • Household income between $75,001 to $100,000 per year:
We used the upper limit of $100,000 since the breakdown was specified by it
between $75,001 to $100,000 = 13.6%
  • More than $100,000 per year:
This is obtained by summing the percentage of households in California that earn above $100,000, as follows: $100,001-$149,999 + $150,000-$199,999 + $200,000 and above = 20.3% + 11.4% + 15.2% = 46.9%
MARRIED BABY BOOMERS BY IDENTIFIED INCOME LEVEL
The total number of married baby boomers in California is 4,168,232. To obtain the number of married baby boomers for the requested yearly household income categories, we multiply the percentage of each income category by the total number of married baby boomers in California.

  • Household income of less than $75,000 per year % x Married Baby Boomers = 39.5% x 4,168,232 = 1,646,451 people.
  • Household income between $75,001 to $100,000 per year % x Married Baby Boomers = 13.6% x 4,168,232 = 566,880 people.
  • Percentage of household incomes more than $100,000 per year x Married Baby Boomers = 46.9% x 4,168,232 = 1,954,901 people.

PERCENTAGE OF MARRIED BABY BOOMERS IN CALIFORNIA BASED ON THEIR HOUSEHOLD INCOME LEVELS

The total number of married baby boomers in California is 4,168,232 people, and from that number, those with a household income of less than $75,000 account for 39.5%, which gives a total of 1,646,451 people.
13.6% of married baby boomers in California (566,880 people) have a household income between $75,001-$100,000 per year, and 46.9% (1,954,901 people) have household incomes of more than $100,000 per year.

INSIGHTS

By 2030, one in every three Californians will be over the age of 50, and the percentage of those over 65 years will have increased to 17% by 2013, from 11% in 1998. The median household income in California as of 2017 was $67,169. However, 13.3% of the total population in California are in poverty.

Part
07
of twenty-six
Part
07

California Market Segment - Unmarried Generation X Income

It has been estimated that 70.5% of the unmarried Gen X population in California have a household income of less than $75,000 per year. The percentage of unmarried Gen X population in California that have a household income between $75,001 to $100,000 was estimated to be about 10.0% while 19.4% of the unmarried Gen X population have a household income of more than $100,000. The required information has been documented in rows 18-20, columns E and F, of the attached spreadsheet.
In order to find the percentage of the Gen X population in California, that are unmarried, that have a household income of less than $75,000 per year, between $75,001 to $104,999, and more than $105,000, we began our search by looking into the total number of unmarried Gen X population in California. We then looked for the household income for this population in government databases such as the United States Census Bureau, American FactFinder, Data Government Catalog, and Census California. While we were able to find useful statistics from these channels, there was no direct information provided on the percentage of unmarried Gen X population in the state, categorized under different income levels. Information provided by these databases was primarily related to median household income by population percentage, poverty data, and per capita income.
We then expanded our search to include looking into non-government organizations’ websites such as the California Digital Library, Public Policy Institute of California, Pew Research and Gallup, California Health and Human Services Open Data Portal, CDC, and Census Reporter. While direct information on the household income levels of the unmarried Gen X population in California was found, a thorough search through these channels provided us with useful quantitative information to triangulate the required figures.
We further extended our search to include media websites such as Forbes, USA Today, The Washington Post, and The Los Angeles Times, and region-specific outlets such as the California Department of Aging, Statistical Atlas of United States, and Orange County Register (OCR). An extensive search revealed no information on the subject but instead provided data pertaining to race and distribution. Therefore, with the information obtained on the percentage distribution of non-family household income in California and the number of Gen X individuals who are unmarried, we were able to estimate the required percentages. Our findings and calculations have been presented below.

Household income percentage distribution of unmarried Gen X population in California

In California, it has been estimated that over 3,922,436 Gen X individuals are unmarried.
The data published by the American FactFinder for the state of California segregates the income information into the categories of household, family household, and non-family household. Non-family households are composed of unmarried couples/individuals living in a housing unit. According to the United States Census Bureau, the percentage distribution of non-family household income less than $75,000 per year in California is as follows,
  • Non-family household income less than $10,000 = 10.5%
  • Non-family household income between $10,000 to $14,999 = 9.4%
  • Non-family household income between $15,000 to $24,999 = 12.5%
  • Non-family household income between $25,000 to $34,999 = 10.0%
  • Non-family household income between $35,000 to $49,999 = 12.1%
  • Non-family household income between $50,000 to $74,999 = 16.0%
Percentage of non-family households in California with an income less than $75,000 = 10.5% + 9.4% + 12.5% + 10.0% + 12.1% + 16.0% = 70.5% (3)
Therefore, 70.5% of the unmarried population of in California have an income of less than $75,000 per year.
About 10.0% of the unmarried population in California have an income between $75,001 to $100,000.
The percentage distribution of non-family household income more than $100,000 per year is as follows,
  • Non-family household income between $100,000 to $149,999 = 10.6%
  • Non-family household income between $150,000 to $199,999 = 4.1%
  • Non-family household income of $200,000 or more = 4.7%
Percentage of non-family households in California with an income of more than $100,000 = 10.6% + 4.1% + 4.7% = 19.4%
Therefore, 19.4% of the unmarried population in California have an income of more than $100,000 per year.
The total number of unmarried Gen X population = 3,922,436
  • Unmarried Gen X population with a household income of less than $75,000 per year = Percentage of non-family households with income less than $75,000 x Unmarried Gen X population
  • Unmarried Gen X population with a household income of less than $75,000 per year = 70.5% x 3,922,436 = 2,765,317
  • Unmarried Gen X population with household income between $75,001 to $100,000 = Percentage of non-family households with income between $75,001 to $100,000 x Unmarried Gen X population
  • Unmarried Gen X population with household income between $75,001 to $100,000 = 10.0% of 3,922,436 = 392,243
  • Unmarried Gen X population with household income of more than $100,000 per year = Percentage of non-family households with income of more than $100,000 x Unmarried Gen X population
  • Unmarried Gen X population with household income of more than $100,000 per year = 19.4% of 3,922,436 = 760,952
The required information has been documented in rows 18-20 and columns E-F, of the attached spreadsheet.
Part
08
of twenty-six
Part
08

California Market Segment - Unmarried Baby Boomer Income

By utilizing figures from our previous research on age demographics and marital status in California, we were able to calculate the percentage of unmarried Baby Boomers in California according to estimated census data. We found that 69.6% of unmarried Baby Boomers have low income, 10.8% have medium, and 17.8% have high income. Below we have provided a deep dive into our research strategy and findings which can also be found on the attached spreadsheet.

Methodology

In order to determine the percentage of unmarried Baby Boomers in the state of California, we scoured census data and reports on databases like American Fact Finder. Through this search, we were able to narrow down the total percentage of the population of California for each respective income level. Unfortunately, no data from these databases stated statistics by age range.
We then scoured reputable media databases like the Insider, Forbes, and USA Today for information regarding the number/percent of unmarried Baby Boomer in California for each income level. While information on the average income level of Californians was publicly available, information on the number/percent of Baby Boomers per income level in California was not publicly available.

Since we couldn't find the answer, our next approach was to calculate the required values from the available information. We already had a breakdown of the number of households by the average income and type of household (non-family, family, and married-couple family). Since we were unable to find any statistics by age range, we made an assumption that the breakdown of the number of households applies to all age groups, and therefore, to baby boomers as well.

Calculations and Findings

Since there is an overlap in the number of households of all families and married-couple families, we had to calculate the information for non-married by subtracting numbers of married-couple households from numbers of all households:

Obtained information:
  • Total number of households in California: 12,888,128;
  • Total number of married-couple family households: 6,381,333;
  • Total number of households with non-married householder:
12,888,128 - 6,381,333 = 6,506,795

- All households -
  • Percentage of all households with income below 75 thousand:
    • - below $10,000: 5.4% 
    - $10,000 to $14,999: 4.7% 
    - $15,000 to $24,999: 8.6% 
    - $25,000 to $34,999: 8.3% 
    - $35,000 to $49,999: 11.4% 
    - $50,000 to $74,999: 16.3% 
    total: 5.4%+4.7%+8.6%+8.3%+11.4%+16.3%=54.7%;
    • Percentage of all households with income between $75,000 and $99,999: 12.2%;
    • Percentage of all households with income of 100 thousand or more:
    - $100,000 to $149,999: 15.7% 
    - $150,000 to $199,999: 7.8% 
    - over $200,000: 9.7% 
    total: 15.7%+7.8%+9.7%=33.2%

    - Family households (married-couples) -
    • Percentage of family households (married-couples) with income below 75 thousand:
    - below $10,000: 1.6% 
    - $10,000 to $14,999: 1.6% 
    - $15,000 to $24,999: 5.0% 
    - $25,000 to $34,999: 6.1% 
    - $35,000 to $49,999: 9.6% 
    - $50,000 to $74,999: 15.6% 
    total: 1.6%+1.6%+5.0%+6.1%+9.6%+15.6%=39.5%;
    • Percentage of family households (married-couples) with income between $75,000 and $99,999: 13.6%;
    • Percentage of family households (married-couples) with income of 100 thousand or more:
    - $100,000 to $149,999: 20.3% 
    - $150,000 to $199,999: 11.4% 
    - over $200,000: 15.2% 
    total: 20.3%+11.4%+15.2%=46.9%


    • HOUSEHOLD INCOME BELOW $75,000
    Total number of households with income below $75,000:
    number of households * percentage of [<75k] households=
     12,888,128 * 54.7% = 7,049,806

    Total number of family (married-couple) households with income below $75,000:
     6,381,333 * 39.5% = 2,520,627

    Non-married householder — household income below $75,000:
    - number of households:
    7,049,806 - 2,520,627 = 4,529,179
    - percentage of households:
    4,529,179 / 6,506,795 = 0.696 or 69.6%

    • HOUSEHOLD INCOME BETWEEN $75,000 AND $100,000
    Total number of households with income between $75,000 and $100,000:
     12,888,128 * 12.2% = 1,572,352

    Total number of family (married-couple) households with income between $75,000 and $100,000:
     6,381,333 * 13.6% = 867,861

    Non-married householder — household income between $75,000 and $100,000:
    - number of households:
    1,572,352 - 867,861 = 704,491
    - percentage of households:
    704,491 / 6,506,795 = 0.1083 or 10.8%

    • HOUSEHOLD INCOME BETWEEN OF $100,000 OR MORE
    Total number of households with income of $100,000 or more:
     12,888,128 * 32.2% = 4,149,977

    Total number of family (married-couple) households with income of $100,000 or more:
     6,381,333 * 46.9% = 2,992,845

    Non-married householder — household income of $100,000 or more:
    - number of households:
    4,149,977 - 2,992,845 = 1,157,132
    - percentage of households:
    1,157,132 / 6,506,795 = 0.1778 or 17.8%

    Baby Boomers Statistics

    From our calculations and initial assumption that the same breakdown applies to baby boomers, we get that 69.6% of unmarried baby boomers have income below $75,000, 10.8% between $75,000 and $100,000, and 17.8% of baby boomers have the income of $200,000 or more.

    Total number of unmarried baby boomers in California is 4,338,364. There 3,019,501 (4,338,364*69.6%) unmarried baby boomers with household income below $75,000, 468,543 (4,338,364*10.8%) and 772,229 (4,338,364*17.8%) with household income of $100,000 or more.

    Part
    09
    of twenty-six
    Part
    09

    California Market Segment Married Millennial Buyers / Sellers: Less than $75,000

    While there was no publicly available information on the percentage of the married, millennial population in California who have purchased only one property, two properties, and 3+ properties, and could potentially be considered real estate investors, we have used the available information to pool together relevant data which we found in the course of the research. Our findings showed that about 76% of millennials who sold their first home, planned to buy another home in 2017. Also, according to the NAR survey report, about 36% of home buyers are millennials/Gen Yers, and 65% of these buyers were first-time home buyers.
    We have outlined our research strategy below to help explain the unavailability of the requested data and the outline of our important findings. Since no information exists in the public domain to address the requested data, we have marked N/A in columns E-H, rows 32 and 54 of the attached spreadsheet.

    Methodology

    Initially, we searched for real estate market reports on the California Association of Realtors website. We found some survey reports which provided an overview of the California housing market and the state of the housing market. The information we saw was on the percentage of first-time buyers and percentage of repeat buyers; however, there was no information on how many of them were married millennials with a household income of less than $75,000 who are buying or selling homes. We had thought that this strategy might work as the California Association of Realtors conducts surveys on the housing market in California annually, and they must have included these criteria in their study.
    Next, we elaborated the search and looked for survey reports on the real estate market at the national level to use the same as a proxy for California. We searched through the National Association of Realtors website and other relevant websites. The information that was found was about home buyers and Sellers generational trends in the United States. This information contained a percentage of millennial home buyers and sellers in the United States; however, there was no segregation on how many married millennials have an income of less than $75,000. We employed this approach hoping that the National Association of Realtors may have published this information as its membership is composed of residential and commercial brokers and others engaged in the real estate industry.
    Again, we checked for articles related to millennials home buyers and sellers in California by looking for demographic segmentation on sites like Realestate.usnews, Latimes, Listwithclever among others. However, even this strategy was not useful in getting the required information. The information found focused on first time home buyers in California and the report found on the website of Listwithclever contained information about millennial home buyers, but there was no segregation of data on income and marriage. We had thought that this strategy might work as media sites may publish such information based on some third party or internal research reports.

    Helpful findings

    • About 76% of millennials who sold their first home, planned to buy another home in 2017. The median household income for first time home buyers $85,000 in 2017. About 66% of millennials planned to purchase a home in 2018.
    • According to the NAR survey report, about 36% of home buyers are millennials, and 65% of these buyers were first-time home buyers.
    • Among millennial sellers, 77% were first-time sellers.
    • According to The Urban Institute 37% of 25- to 34-year-olds married millennials were homeowners in 2015.
    • According to the Millennial Home Buyer report, approximately 79% of millennial home buyers are buying for the first time, and because they’re new to the process, most (about 82%) are looking for helpful online tools and trustworthy real estate agents to guide them.
    Part
    10
    of twenty-six
    Part
    10

    California Market Segment Married Gen X Buyers / Sellers: Less than $75,000

    The percentage of married Gen X population in California who have a household income <$75,001 is 42%, out of which, 442,000 have sold houses in 2018 and 10.08% are first-time home buyers. This information can be found in the attached spreadsheet.

    After an extensive search through the public domain, we were unable to find the specific percentage of married Gen X population in California that have purchased or sold 2 properties, 3 properties and above and the investors.

    METHODOLOGY

    We began our research by searching for the married Gen X population in California and then tried to look for the percentage of the married Gen X population in California that have purchased only one property, what percentage have purchased two properties, and what percentage have purchased 3+ properties. Firstly, we looked through the credible US databases such as National Association of Realtors, California Association of Realtors, Census Bureau, American FactFinder, World Population Review, Public Policy Institute of California, California Digital Library and American FactFinder, etc. But this strategy didn't produce any useful results.
    We then tried broadening the research criteria by looking to the entire Californian population in order to triangulate estimates for the requested population. From a report by the National Association of Realtors, we were able to triangulate additional information about the population data including the percentage of buyers, sellers, first-time buyers, etc. This information was not focused on Californian statistics but general national population statistics which was the closest we could get to satisfy the research criteria.
    Next, we looked up other reputable external sites such as Forbes, The New York Times, The Washington Post, USA Today and Orange County Register (OCR), etc. Using this strategy, we were able to find that the number of houses sold in California was 442,000 in 2018. Other information obtained through these sources that were specific to California mostly described the kind of houses in terms of size, number and age of children, new or previously sold houses. Very limited information was found related to the desired criteria.
    Finally, we collected the data for the national population of Gen X that have purchased and sold one and more than one houses to obtain estimates for the requested data. However, it should be noted that the data obtained that somehow satisfies the requested criteria for the Gen X population that we found were for the national population and not specific to California. Using the data that we obtained through our research, we performed the triangulation approach and tried to estimate the requested information.

    California Market Segment Married Gen X Buyers / Sellers: Less than $75,000 — CALCULATION

    PERCENTAGE OF MARRIED GEN X

    Based on the previous research on California Market Segment — Married Generation X Income, there are 3,768,615 married Gen Xers in California. The percentage of married Gen X population in California with an income <$75,001 is 42%.

    PERCENTAGE OF RECENT HOME BUYERS

    According to the national population data, Gen X buyers account 24% of the recent home buyers. Since the percentage of married Gen X population with an income <$75,001 is 42%, the percentage of married Gen X population with an income <$75,001 who are the recent home buyers would be 10.08% (42% * 24 % = 10.08%).

    PERCENTAGE OF RECENT HOME SELLERS

    Coincidentally, 25% of recent home sellers are members of the Gen X population. This is the largest generation among home sellers. Therefore, the percentage of married Gen X population with an income <$75,001 who are recent home sellers would be 10.50% (42% * 25 % = 10.50%.)

    PERCENTAGE OF first time buyers

     24% of the Gen X population are first-time buyers. Therefore, the percentage of married Gen X population with an income <$75,001 who are first-time buyers would be 10.08% (42% * 24% = 10.08%).

    PERCENTAGE OF gen x population OWN ONE OR MORE PROPERTIES

     11% of the Gen X population own one or more investment properties. The percentage of Gen X population who own one or more vacation homes is 3%. S, the total percentage of Gen X population who own one or more properties would be 14% (11% +3%).

    Therefore, the percentage of married Gen X population with an income <$75,001 who own one or more properties would be 5.88% (42% * 14% = 5.88%.)

    We were unable to find the specific percentage of married Gen X in California that have purchased or sold 2 properties, 3 properties and above and the investors.

    FINAL FINDINGS

    • In 2018, 442,000 houses were sold in California.
    • The percentage of married Gen X population with an income <$75,001 who are recent home buyers is 10.08% (see calculation above)
    • The percentage of married Gen X population with an income <$75,001 who are recent home sellers is 10.50%. (see calculation above)
    • The percentage of married Gen X population with an income <$75,001 who are first-time buyers is 10.08%. (see calculation above)
    • The percentage of married Gen X population with an income <$75,001 who own one or more properties 5.88%. (see calculation above)



    Part
    11
    of twenty-six
    Part
    11

    California Market Segment Married Baby Boomers Buyers / Sellers: Less than $75,000

    While we were able to provide information on the percentage of married baby boomers with an annual household income that was less than or equal to $75,000 who are first-time home buyers, sellers and potential investor, information about those who are repeated buyers was not publicly available. The percentage of married baby boomers with an annual household income that was less than or equal to $75,000 who are first-time home buyers is estimated to be 2.15%, while it is 4.93 % for first-time home sellers and 8.3% are potential property investors.
    To begin the research, we started by reviewing the previous request in this project, titled, “California Market Segmentation - Married Baby Boomer Income. This provided data on the percentage of married baby boomers that have a household income of $75,000/year or less.
    Next, we searched for the specific statistics on the population who have purchased one or more properties in California. This entailed searching through credible studies, survey reports and official government databases such as the National Association of Realtors, California Association of Realtors, US Census Bureau, Data Government Catalog and World Population Review. This strategy yielded results especially from the National Association of Realtors (NAR) 2019 report that describes home buying and selling trends of each generation, however, the data is for the United States as a whole and not specific to California.
    Again, we extended the scope to third-party real estate websites. However, the data provided was limited and did not include data on consumers who purchased more than one home or had sold more than one home and could not be relied upon to address the request.
    Furthermore, we searched through reputable media sites such as Forbes, The New York Times, The Washington Post, and USA Today. While we found information on the kinds of properties purchased, home sale trends and the market, detailed information on number and age of the buyers/sellers, was lacking and hence, could not be used with to address this request. After an exhaustive search through the publications and databases, we were unable to find specific data on the percentage of married baby boomers in California with an annual household income of equal to or less than $75,000 that have purchased or sold two, three or more properties. This lead to the need for triangulation of the requested information using the NAR data to derive findings, assumptions and calculate the percentages for the state of California, specifically for married baby boomers purchasing properties.
    All the findings with relevant insights and married baby boomers with an annual household income that was less than or equal to $75,000 have been compiled and presented in 'Key Findings' section below and on the attached spreadsheet.

    Key findings

    • There are 1,646,452 married baby boomers in California with an annual household income of less than or equals to $75,000 in California.
    • The percentage of married baby boomers in California with a household income of less than or equals to $75,000 is 39.5%. An estimated 12% of the first time home buyers were the younger baby boomer, while older baby boomers accounted for 5% of the first time home buyers.
    • Percentage of the population that were first-time buyers and baby boomers is estimated to be 2.15%.
    • About 32% of the total number of home buyers are baby boomers.
    • About 17% of the first time home sellers were younger baby boomer while older baby boomers accounted for 12% of the first time home buyers.
    • About 21% of the total number of home sellers are the younger baby boomer generation, while 22% of the total number of home sellers belong in the older baby boomer generation.'
    • 4.93% of the total number of home sellers are first time home sellers who belong in the baby boomer generation, are married and have an annual household income of equal to or less than $75,000.

    Married Baby Boomers Home Buyers

    Of the total of first time home buyers,  18% of the total number of home buyers belong to the younger baby boomer generation, while 14% of the total number of home buyers are older baby boomer generation. Hence, 18% + 14% = 32% of the total number of home buyers are baby boomers.
    Therefore, 39.5% of 32% would be approximately 12.64%, which indicates the percentage of married baby boomers home buyers.
    Research by the National Association of Realtors (NAR) suggests that 12% of the first time home buyers were the younger baby boomer, while older baby boomers accounted for 5% of the first time home buyers. Therefore, 17% (12% + 5% = 17%) of first time home buyers were baby boomers.
    This implies that 17% * 12.64% = 2.15% of the total number of home buyers are first time home buyers who belong in the baby boomer generation, are married and have an annual household income that is less than or equal to $75,000.

    To determine repeat buyers, we less the percentage of first time home buyers from the total home buyers, i.e., 12.64% – 2.15% = 10.49% repeat buyers.

    According to the California Association of Realtors, robust economy, household growth, and concern about the rising interest rates, finance through FHA loan are the key factors that motivated first time home buyers.

    Married Baby Boomers Home Sellers

    According to the NAR,  21% of the total number of home sellers are the younger baby boomer generation, while 22% of the total number of home sellers belong in the older baby boomer generation. Therefore, 21% + 22%= 43% of the total number of home sellers are baby boomers.
    In line with the above calculations, 39.5% of 43% = 16.99% of the total number of home sellers are of the Baby Boomer generation who are married and have an annual household income of equal to or less than $75,000.
    Additionally, 17% of the first time home sellers were younger baby boomer while older baby boomers accounted for 12% of the first time home buyers. Therefore, 29% (17% + 12% = 29%) of first time home sellers were baby boomers.

    Therefore, 29% * 16.99% = 4.93% of the total number of home sellers are first time home sellers who belong in the baby boomer generation, are married and have an annual household income of equal to or less than $75,000.

    To determine repeat home sellers, the total number of baby boomers that are repeated home sellers is 85.5% with 39.5% earning an annual household income of equal to or less than $75,000. Therefore, 39.5% of 85.5% = approximately 33.77%, which is the percentage of baby boomers repeat home sellers.

    Investment Properties

    According to NAR, 21% of baby boomers have one or more investment properties. The estimated percentage of married baby boomers in the state of California with a household income equal to or less than $75,000 per year is 39.5%. Thus, approximately 8.3% (39.5% * 21%) of married baby boomers with an income equal to or less than $75,000 per year are property investors.
    Part
    12
    of twenty-six
    Part
    12

    California Market Segment Unmarried Millennial Buyers / Sellers: Less than $75,000

    While the available information is not sufficient to answer your question, we have used the available information to provide some useful information: Home ownership is higher among millennials whose parents were home owners (31.7%) compared to those whose parents were renters (14.4%). Below is our methodology and useful findings. Kindly refer to the spreadsheet.

    Methodology

    To provide the information on the percentage of the unmarried Californian millennial population who have owned or sold at least one property as well as those who have owned two to three, or more, homes, our research commenced by searching through realtor sites and real estate-specific resources including Realtor and MLS Listings, realtor blogs such as Zillow, Redfin, and Trulia, and real estate organizations such as Loopnet and Coldwell Banker. Our strategy produced information on the overall trends and some statistics on the Californian real estate market but nothing on the specific demographic.

    Next, we searched through state media resources including NBC Bay Area, California Magazine, and CA-Modern. We also searched through national media resources including Forbes, CNBC, Reuters, and USAToday. We also searched for blogs from industry authorities such as Realestate. Our research only produced information on the barriers the millennial generation regarding home ownership.

    Third, we searched for academic studies and journals in the hope that there might have been research conducted on the subject. However, there were no studies on the subject. We also leveraged research resources such as PwC, Research Gate, MarketsandMarkets, and JSTOR. From these resources, we only managed to find information on the general home ownership trends in the United States as well as industry-wide statistics.

    Fourth, we decided to search for data that would enable us to triangulate the required information. Although we did not find any information regarding the percentage of millennials who own or have disposed of a specific number of homes, we found data on the percentage who own homes, which enabled us to perform some useful calculations. From our research, it was obvious that most millennials are first-time homeowners and, therefore, most have probably never sold a home before.

    Useful Findings

    In a previously completed Wonder research, it was established that there are 2,063,526 unmarried millennials in California with a household income of less that $75,000 per year. Research suggests that about 37% of millennials in the United States own homes. Assuming that this percentage applies to California too, we calculate the percentage of U.S. millennials as follows: 2,063,526 X 37% = 763,504.62

    An Urban Study survey states that home ownership is higher among millennials whose parents were homeowners (31.7%) compared to those whose parents were renters (14.4%). Millnnials' home ownership rates are about 9% lower than the previous generations' at the same age because of several complex factors.

    Millennials are more ethnically and racially diverse compared to older generations and studies have established that whites are more likely to own homes than minority households. Additionally, millennials are burdened by substantial student debt due to high education costs. Millnnials have also shown general disinterest in ownership from homes to cars. Millennials' lifestyle also affects their willingness to purchase property since most are not as interested in marriage and children as their parents were.
    Part
    13
    of twenty-six
    Part
    13

    California Market Segment Unmarried Gen X Buyers / Sellers: Less than $75,000

    While there is no publicly available information to fully answer your question, we've used the available data to pull together key findings: the unmarried Gen X population makes up of 24% of recent home buyers, 25% of recent home sellers are among the unmarried Gen X population, 39% of the Gen X population are first-time sellers, 61% of the Gen X population are repeat sellers, 24% of the unmarried Gen X population are first-time buyers and 14% of the unmarried Gen X population own one or more investment properties.

    Below you'll find an outline of our research methodology to better understand why the information you've requested is publicly unavailable, as well as a deep dive into our findings. Kindly refer to the attached spreadsheet.

    METHODOLOGY

    Firstly, to answer the question, we began our research by trying to determine the exact total number of people of the unmarried Gen X population. In previously completed Wonder research, we identified the population of the unmarried Gen X population in California with a household income of less than $75,000 per year to be 70.5%.

    Then we searched for the percentage of the unmarried Gen X population in California with a household income of less than $75,000 per year that has purchased only one property, two properties, and three or more properties. We searched for this information generally and then through credible US databases such as National Association of Realtors, California Association of Realtors, Census Bureau, American FactFinder, World Population Review, Public Policy Institute of California, California Digital Library and American FactFinder. Our strategy produced information on the overall trends and some statistics on the Californian real estate market but nothing on the specific demographic required.

    Next, we tried broadening the criteria to the entire Californian population of unmarried Gen Xers in order to triangulate estimates for the requested population. From a report by the National Association of Realtors, we were able to triangulate useful findings of the population data including the percentage of buyers, sellers, and first-time buyers. This information was not focused on Californian statistics but general national population statistics, which was the closest we could get to satisfy the research criteria.

    Fourth, we looked up other reputable external sites like Forbes, The New York Times, The Washington Post, USA Today and Orange County Register (OCR). From this strategy, we found out that the number of houses sold in California in 2018 was 442,000. Other information obtainable that was specific to California was mostly that describing the kind of houses in terms of size, number, and age of children, new or previously sold houses and very little with regard to the information requested.

    Finally, we collected the data for the national population of unmarried Gen X that have purchased and sold one and more than one houses and first-time buyers and sellers to obtain estimates for the requested data. However, it should be noted that the data obtained that partly satisfies the requested criteria for the unmarried Gen X population with a household income of less than $75,000 per year that we found are for the national population and not specific to California.

    CALCULATIONS

    From the previous In a previously completed Wonder research:
    • There are 3,922,436 unmarried Gen Xers in California.
    • The statistics given state that the percentage of unmarried Gen Xers in California with a household income of less than $75,000 per year is 70.5%.

    OTHER USEFUL FINDINGS

    Assuming the trends among the entire unmarried Gen X population in the country can be used to estimate the trends among the unmarried Gen X population in California,

    • The unmarried Gen X population make up of 24% of recent home buyers.
    Since the percentage of unmarried Gen X population in California with a household income of less than $75,000 per year is 70.5%. 
    (70.5 * 24)/100 = 16.92%

    • 25% of recent home sellers are among the unmarried Gen X population.
    The percentage of unmarried Gen X population in California with a household income of less than $75,000 per year who are recent home sellers is:
    (70.5 * 25)/100 = 17.63%

    • 24% of the unmarried Gen X population are first-time buyers.
    The percentage of unmarried Gen X population in California with a household income of less than $75,000 per year who are first-time buyers is:
    (70.5 * 24)/100 = 16.92%

    • 39% of the Gen X population are first-time sellers.
    The percentage of unmarried Gen X population in California with a household income of less than $75,000 per year who are first-time sellers is:
    (70.5 * 39)/100 = 27.495%

    • 61% of the Gen X population are repeat sellers.
    The percentage of unmarried Gen X population in California with a household income of less than $75,000 per year who are repeat sellers is:
    (70.5 * 61)/100 = 43.01%

    • 11% of the unmarried Gen X population own one or more investment properties.
    One or more vacation homes: 3%
    Total percentage of one or more properties is 14%  
    The percentage of unmarried Gen X population in California with a household income of less than $75,000 per year who own one or more properties:
    (70.5 * 14)/100 = 9.87%

    However, such assumptions are very generalized and therefore the trends might be left as follows:

    • The unmarried Gen X population make up of 24% of recent home buyers. 

    • 25% of recent home sellers are among the unmarried Gen X population.

    • 39% of the Gen X population are first-time sellers.

    • 61% of the Gen X population are repeat sellers.

    • 24% of the unmarried Gen X population are first-time buyers.

    • 14% of the unmarried Gen X population own one or more investment properties.

    Although we were unable to find the specific percentage of the population of unmarried Gen Xers in California with a household income of less than $75,000 per year that have purchased or sold 2 properties, 3 or more properties readily available, we were able to triangulate from available data to obtain the following: 39% are first-time sellers, 61% are repeat sellers, 24% are first-time buyers and 14% are those who own one or more investment properties.
    Part
    14
    of twenty-six
    Part
    14

    California Market Segment Unmarried Baby Boomer Buyers / Sellers: Less than $75,000

    We calculated the percentage of unmarried baby boomers with an annual household income that was less than or equal to $75,000 who are first-time home buyers and sellers to be 7.35% and 9.58% respectively. However, we were unable to find the specific percentage of unmarried baby boomers in California with an annual household income of less than or equal to $75,000 that have purchased or sold 2 properties, 3 properties and above. Please see within row 45 and 69, columns E to H of the attached spreadsheet all the required details which we found or calculated. Additionally, please see below the details of our research methodology, calculations and findings.

    Methodology

    To begin our research, we started by identifying the total number of unmarried baby boomers with an annual household income that was equal to or less than $75,000 in California. Next, we attempted to look for the specific percentage of the mentioned population who have purchased one property, two properties, and purchased 3 or more properties. We searched for this data in credible studies, survey reports and official government databases such as the National Association of Realtors, California Association of Realtors Census California, US Census Bureau, Data Government Catalog and World Population Review. We found an annual report published by the National Association of Realtors that describes home buying and selling trends of each generation, however, the data is for the United States as a whole and not specific to California.
    We then searched more broadly for the required information within credible non-governmental organizations, such as the Public Policy Institute of California, California Digital Library and American FactFinder. We also looked within reputable media sites like Forbes, The New York Times, The Washington Post, and USA Today. While we found information on the kinds of properties purchased and sold, such as the property size and the number and age of children of the buyer/seller, we found little information with regard to the client's request.
    We used the data found in the annual report by the National Association of Realtors because this is the closest to the research criteria set by the client to triangulate the information presented here. However, we were unable to find the specific percentage of unmarried baby boomers in California with an annual household income of less than or equal to $75,000 that have purchased or sold 2 properties, 3 properties and above.
    We attempted to search for alternative data points with which we may triangulate the requested data from. We searched through credible studies and insight reports for these data points. We found a study from the University of Southern California that gives some insight on baby boomer home buying/selling, however, this focused on home ownership retention rates and had no data that may be helpful for the client.
    Finally, we attempted to broaden the research criteria of the request by using data on the annual report of the National Association of Realtors. This report, however, contained general data points and only specified for first time home buyers and sellers. It contained data for repeat sellers, however, it does not specify how many properties those repeat sellers have sold in the past. Because of this, we are unable to triangulate for the data even by broadening the research criteria. After an extensive search and exhausting all strategies, we were still unable to find the specific percentage of unmarried baby boomers in California with an annual household income of equal to or less than $75,000 that have purchased or sold 2 properties, 3 properties and above.

    Baby boomers

    There are 4,338,364 unmarried baby boomer households in California, 69.6% of which have an annual household income of equal to or less than $75,000. Using this information we calculated that this means there are 3,019,501 unmarried baby boomer households with an annual household income of less than or equals to $75,000 in California.

    HOME BUYER information

    •  18% of the total number of home buyers belong to the younger baby boomer generation while 14% of the total number of home buyers belong in the Older Baby Boomer generation. Therefore, 18% + 14% = 32% of the total number of home buyers are baby boomers.
    • As calculated above 32% of the total number of home buyers are baby boomers. Additionally, 69.6% of baby boomers have an annual household income that is less than or equals to $75,000.

    • Therefore, 32% * 69.6% = 22.27% of the total number of home buyers belong in the baby boomer generation who are unmarried and has an annual household income of equal to or less than $75,000.

    • Additionally, 33% of the total number of home buyers are first time home buyers.

    • Therefore, 33% * 22.27% = 7.35% of the total number of home buyers are first time home buyers who belong in the baby boomer generation, are unmarried and have an annual household income that is less than or equal to $75,000.

    HOME SELLER information

    •  21% of the total number of home sellers belong in the younger baby boomer generation while 22% of the total number of home sellers belong in the older baby boomer generation. Therefore, 21% + 22% = 43% of the total number of home sellers belong in the baby boomer generation.

    • As calculated above 43% * 69.6% = 29.93% of the total number of home sellers belong in the Baby Boomer generation who are unmarried and has an annual household income of equal to or less than $75,000.

    • Additionally, 32% of the total number of home buyers are first time home sellers.

    • Therefore, 32% * 29.93% = 9.58% of the total number of home sellers are first time home sellers who belong in the baby boomer generation, are unmarried and has an annual household income of equal to or less than $75,000.
    Part
    15
    of twenty-six
    Part
    15

    California Market Segment Married Millennial Buyers / Sellers: $75k-105k

    The real estate industry has shown a lot of growth in recent years thanks to increasing demand for housing and a growing economy. It is projected that demand for real estate in California will remain high as the economy continues to expand. This research looks at the percentage of the married, millennial population in California who have purchased only one property, two properties, and 3+ properties and could potentially be considered real estate investors. Although we managed to answer the question, there are sections we could not answer because such data is not available online. In particular, we were unable to get the specific percentage of married millennials in California with an annual household income of between $75,000-$105,000 that have purchased or sold 2 or 3+ properties.

    methodology

    We started by looking for the specific percentage of the mentioned population which has purchased only one property, two properties, and purchased 3 or more properties. We searched in credible studies, survey reports and US government databases such as National Association of Realtors, California Association of Realtors Census California, US Census Bureau, Data Government Catalog and World Population Review. From this search, we managed to get an annual report by the National Association of Realtors, which has details on home buying and selling trends for millennials, as well as other generations. However, this report covers the entire US and is not specific to California.

    We also searched in credible non-governmental organizations, like the Public Policy Institute of California, California Digital Library and American FactFinder. In addition, we searched through reputable media sites like Forbes, The New York Times, The Washington Post, and USA Today. We managed to get information on buying trends of millennial. However, it had no information that is useful to this request.

    We attempted to get data that could be triangulated to reach at a meaningful conclusion. We searched through insight reports and credible studies. From this search, we managed to get an insight report that is focused on millennial home buyers. However, from this report we found that while the majority of millennial prioritize owning a house over other major life events and goals, there was no sufficient data that could be triangulated to make a meaningful conclusion.

    We broadened our search and searched for any recent report published by any leading real estate organization. We managed to get one report published by the National Association of Realtors. However, the report is too general and could not be used to answer any part of this question. The report contained data for repeat sellers but it does not specify how many properties those repeat sellers have sold in the past. In addition, the report does not give data on how many times someone has bought/sold properties in the past. A full report of our findings is presented in the attached spreadsheet and the write up below.

    Key findings

    California has a population of 3,937,336 married millennials, out of which 13.6% have an annual household income of between $75,000 and $105,000. This amounts to 535,478 married millennials in California who have an annual household income of between $75,000 and $105,000.

    MARRIED MILLENIAL HOME BUYERS

    The younger millennial generation make up 11% of the total number of home buyers, while the older millennial generation accounts for 26%. This means the total percentage of millennial home buyers is 11%+26%=37%. 37 * 13.6% = 5.032% of the total number of home buyers belong in the millennial generation who have an annual household income of between $75,000 and $105,000.
     33% of the total number of home buyers are first time home buyers. 33 * 5.032% = 1.66% (or 1.66056%) of the total number of first time home buyers belong to the millennial generation who have an annual household income of between $75,000 and $105,000.

    MARRIED MILLENIAL HOME SELLERS

    Both young millennials and old millennials account for 11% each of the number of home sellers in California. 2% + 18% = 20% of the total number of home sellers belong to the millennial generation.
    20 * 13.6% = 2.72% of the total number of home sellers belong to the millennial generation who have an annual household income of between $75,000 and $105,000.

     32% of the total number of home sellers are first time home sellers. 32 * 2.72% = 0.87% (or 0.8704%) of the total number of home sellers are first time home sellers in the millennial generation who have an annual household income of between $75,000 and $105,000.
    Part
    16
    of twenty-six
    Part
    16

    California Market Segment Married Gen X Buyers / Sellers: $75k-105k

    Public and government demographics databases scrutinized did not feature information on the subject prompting creative search processes to uncover some findings. Search efforts reveal that in the State of California, married Generation Xers with a household income from $75,001 to $104,999 are not real estate enthusiasts.
    The most recent data analyzed indicates that only 3.17% of married Generation Xers were first time home buyers, 3.3% were home sellers, and 1.45% were property investors. All details and relevant findings are included in the attached spreadsheet row 39 (buyers) and 61 (sellers), columns E-H. Following is a detailed explanation of the research strategies used to estimate the findings including assumption and calculations performed on the same.

    RESEARCH STRATEGY

    We started by reviewing data published by the California Association of Realtors, the State of California website, and the California Department of Real Estate. Moreover, we also checked through multiple real estate publications such as California Real Estate Magazine and the California Homes & Land that focus specifically on the state of California. We also broadened the scope to include details published in national real estate magazines like Realty Magazine and Realty Times. Unfortunately, none of the sources examined included contained specific demographics analyses and hard data regarding numbers or percentages on purchases of homes in California by Generation Xers.

    Due to the limited information discovered through the first approach, we expanded our searches to incorporate national information. Luckily, we found a 2019 report on real estate homebuyers published by the National Association of Realtors. In it were compilations of information covering generational trends in home buying. We assumed that California buying habits and trends are in line with national buying habits. In this regard, we used the percentages found in the NAR report, which also did not reveal specific information on the number of homes each consumer/household purchased.

    Further, we included the home seller data in the NAR report into the attached spreadsheet as first-time seller data; even though, the report did not confirm that the data represented first time home sellers. In the spreadsheet, we have also included investor data. According to the NAR report, investors had one or more investment properties, but it did not disclose the particular type of property.

    In uncovering the missing data, we supplemented the search approaches above with new ones hoping they would return meaningful findings. On that note, we reviewed third-party real estate vendors such as Zillow and Trulia; however, these limited their statistics to only the current month information or by city and county. Moreover, they did not include information on consumers who purchased or sold more than one home.

    Likewise, reviews of various business publications such as BankRate and Forbes, along with news article from the Los Angeles Times did not feature information on consumers who sold or bought more real estate properties. Most of these reports featured opinion articles regarding the trends in California home sales, but none had hard data on Generation Xers who sold or bought more than one home. Overall, we highly suspect that the National Association of Realtors features such specific details in some of their paywalled reports that appear more in-depth than their free publications.

    CALCULATIONS

    Based on the findings on the NAR report, we calculated first-time home buyer, home seller, and investment properties as follows.

    • First Time Home Buyers
    Of the total of first time home buyers, 24% are Gen X, and 13.2% have income from $75,001 to $104,999 per year. Therefore, 13.2% of 24% is approximately 3.17%.

    • Home Sellers
    The total number of Gen X home sellers is 26% according to NAR data, and since 13.2% of Generation Xers have annual incomes $75,001 to $104,999, we calculated the percentage as – 13.2% of 26% = approximately 3.3%.

    • Investment Properties
    According to NAR, 11% of Generation Xers have one or more investment properties. Since 13.2% earn annual incomes $75,001 and $104,999 per year, we estimated the percentage of Generation Xers with investment properties – 13.2% of 11% = 1.45% 

    HElPFUL FINDINGS

    According to the National Association of Realtors, of all homes purchased in 2018, 33% of home buyers were first time buyers. In this regard, Generation Xers comprised 24% of first time home buyers. The estimated percentage of married Generation Xers in the state of California with an annual household income from $75,001 to $104,999 is 13.2%. Therefore, based on the calculations above, approximately 3.17% of home buyers in California were married Generation Xers with annual income from $75,001 to $104,999.

    Regarding sellers, the NAR reported that 26% of home sellers were Generation Xers; though, there is no data available to establish if this is a first home sale. The estimated percentage of married Generation Xers in the state of California with a household income from $75,001 to $104,999 per year is 13.2%. Therefore, based on our calculations above, we approximately 3.3% of home sellers in California were married Generation Xers with an income from $75,001 to $104,999 per year.

    Regarding investment properties, NAR estimates that 11% of Generation Xers have one or more investment properties. On that note, since the estimated percentage of married Generation Xers in the state of California earning from $75,001 to $104,999 per year is 13.2%, we calculated that approximately 1.45% of married Generation Xers with income from $75,001 to $104,999 per year are property investors.

    All details and relevant findings are included in the attached spreadsheet row 39 (buyers) and 61 (sellers), columns E-H.
    Part
    17
    of twenty-six
    Part
    17

    California Market Segment Married Baby Boomer Buyers / Sellers: $75k-105k

     13.6% of Baby Boomers in California have a household income of between $75,001-$104,999. Our of these, 4.35% have purchased homes while 1.497% are first time home buyers. However, we could not find information on married Baby Boomers who have purchased or sold two or three properties and can be considered as investors. Below is a methodology that we used in an attempt to find this information and to find the figures presented in this research.

    METHODOLOGY

    We started our search for information on married Baby Boomers who have bought or sold homes in California by checking in credible US databases. These include California Association of Realtors Census California, National Association of Realtors, World Population Review, Data Government Catalog, and US Census Bureau. Most of the information on these platforms is about the types of houses, sizes, new or previously owned houses. As such, we could not find any useful information on homes bought or sold by married Baby Boomers. We also checked through well-known publications like the New York Times, USA Today and the Washington Post. However, once again the search was futile and we did not find any useful results.

    The next strategy was to check for information from related publications like the California Digital Library, Public Policy Institute of California, American FactFinder, and Orange County Register (OCR). Based on these resources we identified the number of married Baby Boomers in California and triangulated to find the required information on home purchases.

    • There are 4,168,232 married Baby Boomers in California.
    • The percentage of married Baby Boomers in the state of California with a household income of between $75,001-$100,000, and more than $100,000 are 13.6%, and 46.9% respectively.
    • The percentage of married Baby Boomers in the state of California with a household income between $75,001-$104,999 is 13.6%.
    • Percentage of young Baby Boomers and older Baby Boomers of recent buyers and was 18% and 14% respectively.
    • The percentage of baby boomers that were buyers as of 2018 was: 14% +18% = 32%
    • Therefore, the percentage of married baby boomers that were buyers as of 2018 was: 32% * 13.6% = 4.35%

    First-time buyers were 34% of the total home buyers. Therefore, the percentage of Baby Boomers that made up the first-time buyers as of 2018 was:

    4.35% * 34% = 1.497%

    In conclusion, we could only find data relating to first time home buyers even after using triangulation. Our assumption is that the required information is highly specific and, as such, limited research has been carried out on the area.

    PERCENTAGE OF BABY BOOMERS THAT HAVE PURCHASED OR SOLD ONE, TWO OR THREE PROPERTIES AND CAN BE CONSIDERED REAL ESTATE INVESTORS.

    There are 4,168,232 married baby boomers in California.

     13.6% of Baby Boomers in California have a household income of between $75,001-$104,999.

    In 2018, 32% of baby boomers were home buyers.

    The percentage of the population that are married baby boomers and home buyers as of 2018 was 4.35%.

    Percentage of the population that were first-time buyers and baby boomers is 1.497%.

    Part
    18
    of twenty-six
    Part
    18

    California Market Segment Unmarried Millennial Buyers / Sellers: $75k-105k

    While the available information is not sufficient to answer your question, we have used the available information to provide some useful information: 37% of millennials in the United States owned homes in 2018. High down payment fees, high monthly payments, and bad credit are among the major obstacles to millennial home ownership goals. Below is our methodology and useful findings.

    Methodology

    To provide information on the percentage of the unmarried millennial population in California who have purchased or sold one property, two properties, or 3+ properties, we began by researching through credible databases including the California Association of Realtors, the Census Bureau, and the National Association of Realtors. However, these resources only provided overviews of the state of California housing market and nothing specific of the buying or selling trend of the unmarried Californian millennials earning between $75,001 and $104,999.

    Second, we searched through research resources such as PwC, Deloitte, and Pew Research but only managed to find general information on the home-ownership trends and statistics for the U.S. millennial population. We also leveraged academic studies and journals in the hope that we could find any research conducted on the subject, but again our efforts were fruitless.

    Third, we extended our research to state-specific media resources such as the LA Times and national resources including Forbes and Reuters. We also searched for blogs by industry-specific media resources in credible sites including Realestate and the Realtor. Our strategy only produced information on the factors limiting the U.S. millennials' ability to own homes and comparisons with other generations.

    Fourth, we tried to find enough information for triangulation by searching through statistics sites such as Factfinder America but did not garner enough to provide the needed information. During our research, we found resources that stated the percentage of millennials in the U.S. who own homes which we have used in our calculations below in combination with data from a completed Wonder research. Kindly refer to row 36 (Buyers) and 58 (Sellers), columns E-H of the attached spreadsheet for more information.

    Useful Findings

    From a previous piece of Wonder research, we established that there are about 493,801 unmarried millennials in California with household income between $75,001 and $104,999. CNBC reports that in 2018, about 37% of millennials in the United States owned homes. Taking the percentage as a proxy for California and assuming that it applies equally to both married and unmarried miillennials in all income brackets, the approximate number of unmarried millennials in California with household income between $75,001 and $104,999 is = 493,801 X 37% = 182,706.

    In a recent survey, millennials say that the 20% down payment fees is the biggest barrier to their home ownership goals. Others quote the high monthly payments and bad credit as the major obstacles to home ownership. Although millennial households earn much more than the previous generations did at their age, they are faced with substantial student loans and comparably higher living costs.

    While "89% of millennial renters" dream of owning a home someday, only 4% believe that they will be able to achieve that goal in a year's time. About 30% say that they may be capable in 5 years. Student debt is the biggest contributor to this delay and a 2017 survey suggests that it may delay a millennial's home ownership ambitions by up to seven years. This goes to show that most millennial homeowners in the United States, as well as California, are first-time owners.

    Millennials' characteristics also contribute towards the delay in home ownership. For starters, most milennials are not ready to have children or get married, both of which are life events that necessitate home ownership. Also, a significant number of millennials are opting to live with their parents and another majority prefer living in high-cost urban areas where they cannot afford to buy homes, or to save for it due to the high rent rates.
    Part
    19
    of twenty-six
    Part
    19

    California Market Segment Unmarried Gen X Buyers / Sellers: $75k-105k

    Based on publicly available reports and databases, there is no available information on the breakdown of the unmarried Gen X population in California that purchased and sold the specified number of properties. As per the calculations based on available data, around 2.4% of unmarried Gen Xers with annual income ranges of $75,001 to $100,000 were first-time home buyers, 2.6% were home sellers, and 1.1% were property investors. All the available and derived details and relevant findings were entered into the linked spreadsheet, row 42 (buyers) and 64 (sellers), and under columns E-H. The section below contains the detailed research strategies and calculations done to derive the findings.

    METHODOLOGY

    We began our research by looking for directly available reports that contain the breakdown of the unmarried Gen X population in California that purchased and sold the specified number of properties. We searched for this information in various real estate industry sources such as in the sites of the National Association of Realtors (NAR), Zillow, California Association of Realtors, Property ID, Realty Trac, and others; publications such as the California Real Estate Magazine, the California Homes and Land, and others; research sites such as Pew Research, Gartner, and others; business sources such as Forbes, Huffington Post, and similar sites; statistics sources such as Statista, Ibis World, and others; government databases such as BLS, Data Gov, Library CA, and others; business sites such as Forbes, the Wall Street Journal, and others; media outlets such as Huffington Post, and other relevant sources. Based on this search approach, we were not able to find directly available reports on the breakdown of the unmarried Gen X population in California who purchased and sold the specified number of properties. What we found were general demographics databases, income breakdown, age-related statistics, and other California-related information that are not specific to the required information.
    Since the data that we found so far are limited, we then expanded our search parameters through the sources mentioned to include the statistics for the whole country. We hoped to use the data of the whole US to try to estimate the ratio for California. We then found a 2019 report on real estate home buyers that was released by the National Association of Realtors (NAR). The report contains several home buying statistics across the generation groups. Given the lack of available data on California-specific habits, we roughly inferred that the behaviors found for the US can also be applied for unmarried Gen Xers in California. We used some of the breakdown data in the NAR report for our calculations below. We have also noted that the NAR report does not contain the specific breakdown on the number of homes that each individual buyer or household had purchased.
    In order to supplement the missing breakdown in the NAR report on the number of homes that each Gen X individual buyer or household had purchased, we looked for this information on the sites of top brokerages and realtors in California such as Josh Flagg, The Malibu Life, Berkshire Hathaway, and other similar sites. We hoped to find some data that are related to the number of homes that each Gen X individual buyer or household had purchased. We plan to use this to make our calculations more specific. However, this approach did not yield any relevant figures that can be triangulated to derive the specific number of home purchases that are broken down per generation.
    Based on the data found in the NAR report and the calculations from previous research on the income levels for this specific generation, we have derived the percentage of first-time home seller data for unmarried GenXers. Given the limited availability of the data, this is the closest information that we can derive. One watch-out here is that the report did not solidly mention that the data was specific to first-time home sellers only. As per the available data in the NAR report, we have also incorporated some investor data in the spreadsheet. Based on the NAR report, investors bought around one or more investment properties. This is a rough estimation also as the NAR report did not indicate the type of properties bought by these investors.
    As we continue to piece together the missing data that can make our calculations more solid, we employed other search strategies on top of the ones that we have already used above. We have also looked for other percentages on home buying or selling habits based on income. We have searched for this data on third-party real estates listing sites such as Zillow, Trulia, Realtor, RE/MAX, and others. However, the buying and selling data on these websites are not consolidated and shows only the current data for the month. There are also no detailed buyer or seller information found. Furthermore, there is no breakdown available on the number of purchases or sales made per generation or income levels.
    We also checked if there are announcements or listings that contain some details on the California home buyers or sellers in the sources mentioned above. We also checked additional sources for this information such as in various real estate associations sites like the California Association of Realtors, Pacific West Association of Realtors, and others; real estate financial services sites such as US Bank, JP Morgan Chase, Wells Fargo, and others; local publications such as the Los Angeles Times, the San Francisco Examiner, and other relevant sources. However, these sources did not also yield the specific details that we need on the California home buyers or sellers data . The articles or reports found on these sources mostly contain information about the state's real estate climate, tips on home buying, interviews, and other general industry news.
    There might be more data available on the real estate association sites mentioned above such as in the membership sites of the NAR, the California Association of Realtors, and the Pacific West Association of Realtors. However, the specific information on unmarried Gen X buyers or sellers with $75k-105k income ranges might be behind these associations' membership paywall.

    Given the limited information found above, we have used the most relevant data from the NAR report and a previously completed research to derive the home buying, home selling, and investment property percentages of unmarried Gen Xers' in California who are earning around $75,001 to $100,000. In order to be consistent with the calculations from previous research, we have used the income range of $75,001 to $100,000 in our statements below instead of the specified $75,001 - $104,999. As per the methodology of the previous research, the calculated income of Gen Xers in California can only be derived using the available data for the $75,001 to $100,000 income range. Since there is only a slight difference, we have decided to use the range indicated in the previous research.

    CALCULATIONS

    Based on the data from the NAR report and the previously completed research on unmarried GenXers' income, we have calculated the percentage of home buyers, home sellers, and property investors as follows:

    First-Time Home Buyers:

    The percentage of first-time home buyers was calculated as follows:
    From the NAR report, it was indicated that Gen Xers who are 39 to 53 years of age comprised 24% of first-time home buyers. Based on previous research, 10% of unmarried Gen Xers earns an annual income of $75,001 to $100,000. Hence, our rough calculation of the percentage of unmarried Gen Xers with annual income figures of $75,001 to $100,000 is as follows: 10% of 24% = 2.4%.

    Investment Properties

    As per the NAR report, 11% of Gen Xers have one or more investment properties. Since 10% of the unmarried ones have annual incomes that fall between $75,001 to $100,000, we have calculated the percentage of unmarried Gen Xers with investment properties as follows: 10% of 11% = 1.1%.

    Home sellers:

    Based on the NAR data, the percentage of Gen Xers who are home sellers is 26%. If 10% of unmarried Gen Xers are earning $75,001 to $100,000, we derived the percentage of unmarried Gen Xers who are home-sellers as follows: 10% of 26% = approximately 2.6%.

    HELPFUL FINDINGS

    Based on the NAR report, out of the total number of those who bought homes in 2018, 33% of home buyers were first time buyers. Based on this breakdown, Gen Xers made up 24% of first-time home buyers. Meanwhile, as per previous research, the calculated percentage of unmarried Gen Xers in California who earn $75,001 to $100,000 yearly is 10%. Hence, based on the calculations above, around 2.4% of home buyers in California were unmarried Generation Xers who earns around $75,001 to $100,000 annually.
    Meanwhile, for investment properties, the data from the NAR report shows that 11% of Gen Xers possess one or more investment properties. Based on previous research, the estimated percentage of unmarried Gen Xers in California with an annual income of $75,001 to $100,000 is 10%. We derived in our calculations above that roughly 1.45% of unmarried Gen Xers with annual income ranges of $75,001 to $100,000 are property investors.
    As for the home-sellers, the NAR report indicated that 26% of home-sellers were Gen Xers. However, there is no solid data available that can confirm if the percentage is solely for first-time sales. Based on previous research, the estimated percentage of unmarried Gen Xers in California who earn around $75,001 to $100,000 in annual income is 10%. As per our calculations above, an estimated 2.6% of home sellers in California were unmarried Gen Xers who are earning around $75,001 to $100,000 annually.
    All the available and derived details and relevant findings were inputted in the linked spreadsheet, row 42 (buyers) and 64 (sellers), and under columns E-H.
    Part
    20
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    Part
    20

    California Market Segment Unmarried Baby Boomers Buyers / Sellers: $75k-105k

    Public and government demographics databases failed to reveal information on this question, however, creative search processes and triangulation did produce some findings. Search efforts reveal that in the State of California, unmarried Baby Boomers with a household income from $75,001 to $104,999 account for a rather small percentage of real estate buyers and sellers.

    The most recent data analyzed indicates that only 1.8% of first-time home buyers are in this demographic, 2.3% of real estate investors, 0.67% of first-time sellers, and 4% of sellers of two or more homes. All details and relevant findings are included in the attached spreadsheet row 48 (buyers) and 70 (sellers), columns E-H. Below is a detailed explanation of the research strategies used to estimate these findings, including all calculations.

    RESEARCH STRATEGY

    Similar to previous requests in this project, we started looking for demographic data on home buyers and sellers in California specifically by reviewing data published by the California Association of Realtors, the State of California website, and the California Department of Real Estate. Moreover, we also checked through multiple real estate publications specific to California, such as California Real Estate Magazine and California Homes & Land. Unfortunately, none of these sources contained specific demographic analyses and hard data regarding home purchases in California by Baby Boomers; it seems that this information has not been studied on the state level.

    Due to the limited information discovered through the first approach, we expanded our search to incorporate national information. We searched through data published by national agencies as well as national real estate magazines like Realty Magazine and Realty Times. We found a 2019 report on real estate homebuyers and sellers published by the National Association of Realtors (NAR). This report included generational trends in home buying and selling. We assumed that California buying habits and trends are in line with national buying habits, particularly since California accounts for such a large percentage of the US population. Based on this assumption, we used the percentages found in the NAR report.

    Unfortunately, this NAR Report lacked any data differentiating home buyers and sellers that have purchased/sold two homes from those that have purchased/sold three homes. In an attempt to find this data, we tried a third approach. We looked at data studied and published by real estate vendors, who generally have good insights into demographic trends in home buying and selling, such as Zillow and Trulia. Unfortunately, their data was limited to statistics on the current month only or by city and county. Moreover, they do not include information on consumers who purchased or sold more than one home. Based on our overall search process, we determined that the NAR report contains the best available data and that data differentiating by number of homes bought/sold has not been studied and/or published.

    CALCULATIONS

    Based on the findings on the NAR report, we calculated first-time home buyer, home seller, and investment properties as follows:

    First Time Home Buyers

    • Of the total of first time home buyers, 17% are Baby Boomers, and 10.8% of California Baby Boomers are unmarried with incomes from $75,001 to $104,999 per year. Therefore, 10.8% of 17% is approximately 1.8%.

    Second Home Buyers

      • There is insufficient data available in the NAR report or any of the other sources we checked to determine the percent of unmarried Baby Boomers in this income bracket that have bought or sold exactly two homes. Data is only available on first-time home buyers, repeat sellers (two or more properties sold), and an unspecified number of investment properties. We do know, however, that 32% of all home buyers are Baby Boomers, but only 17% are first-time home buyers. Therefore, 15% (32% - 17%) of home buyers who have bought two or more homes are Baby Boomers. But again, there’s not enough data to determine how many of these have bought two homes versus three or more homes.


    Home Sellers

    • The total percent of Baby Boomer home sellers is 43% according to NAR data. Among those, an average 14.5% are first-time sellers; 14.5% of 43% is 6.2%. Since 10.8% of Baby Boomers have annual incomes $75,001 to $104,999, we calculated the percentage as – 10.8% of 6.2% = approximately 0.67% of first-time sellers are in this demographic.
    • According to NAR data, an average 85.5% of Baby Boomer sellers are repeat sellers, meaning they’ve sold two or more homes. Since 85.5% of 43% is 36.7%, and 10.8% of 36.7% = 4%, we can estimate that 4% of unmarried Baby Boomers with incomes $75,001-$104,999 have sold two or more homes (again, there's no available data to separate those that have sold two homes from those that have sold three or more homes).

    Investment Properties

    • According to NAR, 21% of homeowners with one or more investment properties are Baby Boomers. Since 10.8% are unmarried with annual incomes $75,001 and $104,999 per year, we estimated the percentage of homeowners with investment properties that fit in this demographic: 10.8% of 21% = 2.3%

    All details and relevant findings are included in the attached spreadsheet row 48 (buyers) and 70 (sellers), columns E-H.



    Part
    21
    of twenty-six
    Part
    21

    California Market Segment Married Millennial Buyers / Sellers: $105k

    After an extensive search, we were unable to find any information about the proportion of married millennials with minimum household income of $105,000 who are buying or selling homes. However, we were able to gather information about the percentage of first time and repeat buyers which have been presented here. Please see within row 34 and 56, columns E-H of the attached spreadsheet all the required details which we found. Additionally, please see below the details of our research methodology and helpful related findings.

    RESEARCH methodology

    We started our research by searching for real estate market reports on the California Association of Realtors website. We found an overview of the California Housing Market which provided information on the percentage of first-time buyers and repeat buyers. However, we could not find any information about the proportion of married millennials with a minimum household income of $105,000 who are buying or selling homes. We had hoped this strategy would work because the California Association of Realtors conducts yearly house market surveys and might have used the criteria in their survey.

    Our second approach was to expand our search and look for real estate market reports at the national level then use another state with similar characteristics as a proxy for California. We looked for information on sites like the National Association of Realtors. The information found provided home buyer and seller generational trends in the United States. This contained the percentage of Millennial home buyers and sellers in the United States but there was no segregation by marital status so what we could determine the number of married millennials with a minimum household income of $105,000.

    Our third strategy was to search among credible industry and news articles such as Realestate, LATimes, ListwithClever.com among others. We found information on first time home buyers in California and millennial home buyers but once again, the data was not segregated by income and marriage as required by the client. Following our extensive search for the required information, we concluded that the information is not publicly available because these variables have not been previously explored by any market or industry research.

    HELPFUL FINDINGS

    • About 76% millennials planned to buy a home in 2017.
    • The median household income for first time home buyers was $85,000 in 2017.
    • About 66% of millennials planned to buy a home in 2018.
    • According to a survey conducted by the National Association of Realtors, about 36% of home buyers have been buyers who are aged 37 years and younger (millennials/Gen Yers). Additionally, 65% of these buyers were also first-time home buyers.
    • Among millennial sellers, 77% were first-time sellers..
    • According to The Urban Institute, 37% of 25 to 34 year olds were homeowners in 2015 and the same proportion of millenials (37%) were married
    • According to the Millennial Home Buyer report, approximately 79% of millennial home buyers are buying for the first time and because they’re new to the process, about 82% are looking for helpful online tools and guidance from trustworthy real estate agents.
    Part
    22
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    Part
    22

    California Market Segment Married Gen X Buyers / Sellers: $105k

    The total population of married Gen Xers in the state of California with a household income of $105,000 or more is 1,605,430 (42,6%). The estimated percentage of married Gen X population in the state of California who are first-time buyers is 0.96%, while the estimated percentage of married Gen X population in the state of California who first-time sellers is 1.56%. The estimated percentage of married Gen X population in the state of California who owned a previous home is 1.96%, while the estimated percentage of married Gen X population in the state of California who are repeat home sellers is 2.45%. We have summarized that data on the attached spreadsheet.

    Research methodology

    In our efforts to provide a comprehensive brief describing the percentages of the married Gen X population in California who have a household income of $105,000 or more and have purchased only one property, two properties, and three or more properties as well as the Gen X population in California, who have sold only one property, two properties, and three or more properties, we relied on data from the previous research briefs produced by our research analysts. In one research brief titled "California Market Segment - Married Gen X Income" we were able to determine that the total population of married Gen Xers in California is 3,768,615, while the percentage of the population that has a household income of $105,000 or more is 42.6%.

    Next, we focused our attention on determining the percentage population of Gen Xers in the state of California who have purchased one property, two properties, and three or more properties. We conducted our research through the US Census Bureau and the Census California as well as other credible databases such as Infoplease, and World Population Review. Unfortunately, we realized that it would be difficult obtaining relevant results and that we had to triangulate the percentages by finding relevant data points that could be used for computational purposes.

    Therefore, we focused our attention on any publicly available information related to Gen X home buyers. We searched through credible databases such as NAR Realtor. Unfortunately, we found that relevant data in the database was locked behind a paywall. However, we were able to come across a report titled "2019 NAR Buyer and Seller Generational Trends" from which we were able to establish that 24% of Gen Xers are first-time home buyers while 39% of Gen Xers are first-time home sellers. Unfortunately, the report did not specify the percentage of the home buyers and sellers who are married.

    However, upon extensive research through two reports published by NAR Realtor in 2017 and 2019, we were able to determine that this generation was most likely to be married and therefore we made an assumption that the percentages that we had earlier obtained related to the married population of Gen Xers. Additionally, the data that we had obtained was country-wide data and not specific to the state of California. Therefore, in order to obtain data specific to the state of California, we calculated the percentage of married Gen Xers in California's population who have an income of $105,000 by dividing the total number of married Gen Xers with a household income of $105,000 or more by California's population and multiplying by 100%.

    CALCULATIONS

    • The percentage of married Gen Xers in the state of California that have a household income of $105,000/year or more is 42.6%.
    • The total population if married Gen Xers in California is 3,768,615. 
    • The total number of married Gen Xers in the state of California who have an annual household income of $105,000 or more is 42.6% * 3,768,615= 1,605,430
    • According to World Population Review, the total population in California in 2019 is 40,017,007.
    • Percentage of married Gen Xers in California's population with an annual income of $105,000 or more= (1,605,430/ 40,017,007) x 100% = 4.01%

    We then had to calculate the population of Gen Xers who were first-time home buyers by multiplying the percentage of married Gen Xers in California's population with an annual income of $105,000 or more (4.01%) by the percentage of Gen Xers who are first-time home buyers (24%) and dividing by 100%.

    CALCULATIONS

    • First-time home buyers = 24%
    • Percentage of married Gen Xers in California's population an annual income of $105,000 who are first-time home buyers = (4.01 x 24)/ 100 = 0.96%

    We followed the steps to determine the population of Gen Xers who were first-time home sellers by multiplying the percentage of married Gen Xers in California's population with an annual income of $105,000 or more (4.01%) by the percentage of Gen Xers who are first-time home sellers (39%) and dividing by 100%.

    CALCULATIONS

    • First-time home sellers = 39%  
    • Percentage of married Gen Xers in California's population an annual income of $105,000 or more who are first-time home sellers = (4.01 x 39)/ 100 = 1.56%

    PERCENTAGE OF GEN XERS WITH HOUSEHOLD INCOME OF $105,000 WHO BOUGHT AND SOLD THEIR SECOND AND/OR THIRD HOMES

    Next, we focused on determining the percentage of Gen Xers with a household income of $105,000 or more who had bought and sold their second and/or third homes. This required further calculations. It was found that 49% of Gen Xers who are home buyers, owned their previous home. To determine the percentage of married Gen Xers in California's population with an income of $105,000 who owned their previous home, we multiplied the percentage of married Gen Xers in California's population with an annual income of $105,000 or more (4.01%) by Gen Xers who owned their previous home (49%) and divided by 100%.

    CALCULATIONS

    Percentage of married Gen Xers in California's population with an income of $105,000 who owned their previous home : (4.01 x 49)/ 100 = 1.96%

    Therefore, 1.96% of married Gen Xers in California's population with an income of $105,000 owned their previous home; however, we couldn't establish whether or not they had bought or inherited their previous home. So this required more research.

    We then focused on searching for information regarding repeat purchases and repeat sales and found that 25% of Gen Xers were home sellers. To calculate the percentage of married Gen Xers in California's Population with an income of $105,000 or more who were home sellers, we multiplied the population of Gen Xers who were home sellers (25%) by percentage of married Gen Xers in California's population with an income of $105,000 or more (4.01%) and divided by 100%, which amounted to 1%.

    CALCULATIONS

    • Percentage of married Gen Xers in California's population with an income of $105,000 or more who were home sellers: (25 x 4.01)/ 100 = 1%

    We were also able to determine that 61% of Gen Xers were repeat sellers. We used this data to calculate the percentage for those who are married and have an income of $105,000 or more. This was done by multiplying the Gen Xers who were repeat home sellers (61%) by percentage of married Gen Xers in California's population with an income of $105,000 (4.01%) and divided by 100%, which amounted to 2.45%.

    CALCULATIONS

    • Percentage of married Gen Xers in California's population with an income of $105,000 who were repeat home sellers: (61 x 4.01)/ 100 = 2.45%

    We also had found out that 11% of Gen Xers bought one or more investment properties and that 3% had bought one or more vacation homes. To calculate those who are married with an income of $105,000 and have investment properties, we multiplied Gen Exers who bought one or more investment properties (11%) by percentage of married Gen Xers in California's population with an income of $105,000 (4.01%) and divided by 100%, which amounted to 0.44%

    CALCULATIONS

    • Percentage of married Gen Xers with an income of $105,000 and have one or more investment properties = (11 x 4.01)/100 = 0.44%

    We then repeated the same calculations for vacation homes. To calculate those who are married with an income of $105,000 and have investment properties, we multiplied Gen Xers who bought one or more vacation homes (3%) by percentage of married Gen Xers in California's population with an income of $105,000 (4.01%) and divided by 100, which amounted to 0.12%

    CALCULATIONS

    • Percentage of married Gen Xers with an income of $105,000 or more and have one or more vacation homes = (3 x 4.01)/100 = 0.12%

    Finally, we realized from the NAR Report that 3% of the Gen Xers who are home buyers are also trying to sell their previous homes. While this did not state whether this would be their second or third transaction, we assumed that it was their second or more. Using this we calculated the number of percentage of married Gen Xers with an income of $105,000 or more who were selling their homes by multiplying the percentage of Gen Xers who are home buyers and are also trying to sell their previous homes (3%) by percentage of married Gen Xers in California's population with an income of $105,000 or more (4.01%) and divided by 100%, which amounted to 0.12%.

    CALCULATIONS

    • Percentage of married Gen Xers with an income of $105,000 who were selling their homes = (3 x 4.01)/100 = 0.12%

    Part
    23
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    Part
    23

    California Market Segment Married Baby Boomer Buyers / Sellers: $105k

    On the attached spreadsheet row 46 (buyers) and 68 (sellers), columns E-H, we have compiled information regarding California’s married baby boomer property buyers/sellers with an annual income of over $105,000. Research findings and analysis indicate that presently, an estimated 8% of California’s baby boomers were first time home buyers, 7% repeat home buyers, 7% first time home sellers, 40% repeat homes sellers, and 10% property investors. An elaborate research methodology is articulated below detailing the search paths deployed to determine the findings presented on the attached spreadsheet.

    RESEARCH STRATEGY

    Our searches primarily focused on examining data published by the California Association of Realtors, the State of California website, the California Department of Real Estate, and local publications on real estate such as the California Real Estate Magazine and California Homes & Land. National databases such as Realty Magazine and Realty Times were also consulted. Unfortunately, these sources, which would contain specific numbers or percentages on purchases of homes in California broken down by demographics.

    Next, we expanded our scope to include national data, which also feature data on specific states. On that line, we searched through the National Association of Realtors (NAR) database and found a 2019 report on property homebuyers. The report featured data on generational trends and home buying but not specific to any region. In this regard, we assumed that the buying habits exhibited by Californian’s align with national buying habits. Therefore, the percentages found in the NAR report were adopted and used to calculate the percentages for the state of California, specifically baby boomers property buying trends.

    Third, we attempted to examine third-party real estate websites including Zillow and Trulia, but the data displayed is limited to just one month or by city and county. Thus, we could not rely on these sources since they limit the amount of information revealed to the public; moreover, they did not feature data on consumers who purchased more than one home or had sold more than one home.

    Fourth we opted to review business publications such as Forbes and BankRate along with other local news vendors including the Los Angeles Times. This approach returned various opinion articles about the trends in California home sales, but none contained hard statistic, specific to the numbers of home sellers or buyers. Nevertheless, we suspect that the California Association of Realtors would likely contain information with the specific details requested; however, it is paywalled and only accessible to members only. Therefore, we aggregated findings from both the National and California’s Association of Realtors to determine the figures presented on the attached spreadsheet including data on home purchases and sales, first time buyers, first home sellers, repeat home sellers, and property investors.

    CALCULATIONS

    • First Time Home Buyers
    Of the total of first time home buyers - 17% are baby boomers, 46.9% have income over $105,000 per year. Therefore, 46.9% of 17% would be approximately 8%, which indicates the percentage of baby boomers first time home buyers.

    • Home Buyers
    Of the total of home buyers - 32% are baby boomers, 46.9% have income over $105,000 per year. Therefore, 46.9% of 32% = approximately 15%, which is the percentage of baby boomers home buyers. To determine repeat buyers, we less the percentage of first time home buyers from the total home buyers, i.e., 15% – 8% = 7% repeat buyers.
    • First Time Home Sellers
    The total number of baby boomer first time home sellers is 14.5%, and 46.9% have income over $105,000 per year. Therefore, 46.9% of 14.5% = approximately 7%, which is the percentage of baby boomers first time home sellers.

    • Repeat Home Sellers
    The total number of baby boomers repeat home sellers is 85.5% with 46.9% earning over $105,000 per year. Therefore, 46.9% of 85.5% = approximately 40%, which is the percentage of baby boomers repeat home sellers.

    • Investment Properties
     21% of baby boomers have one or more investment properties. 46.9% earn over $105,000 per year. Therefore, 46.9% of 21%, which is approximately 10% is the percentage of baby boomers investment properties.

    CALIFORNIA MARKET SEGMENT MARRIED BABY BOOMER BUYERS

    • First Time Home Buyers
    In the state of California, 33% of all home purchases were first time buyers. Moreover, 17% of baby boomers were first time home buyers. The estimated percentage of married baby boomers in the state of California that have a household income of over $105,000 per year is 46.9% . On the other hand, approximately 8% of first time home buyers in California are married baby boomers with income over $105,000 per year.
    • Home Buyers
    In the home buyers segment, baby boomers comprised 32% of home buyers. On the other hand, the estimated percentage of married baby boomers in the state of California with a household income of over $105,000 per year is 46.9%. Similarly, approximately 15% of home buyers in California are married baby boomers with income over $105,000 per year.

    Approximately 7% of home buyers in California are married baby boomers with income over $105,000 per year; however, they were not buying their first home despite the data not disclosing how many homes the buyers have owned before this current purchase.

    • First Time Home Sellers
    According to NAR, 14.5% of baby boomers were first time home sellers. The estimated percentage of married baby boomers in the state of California with a household income of over $105,000 per year is 46.9%. Therefore, according to our calculations, approximately 7% of first time home sellers in California are married baby boomers with an income of over $105,000 per year.

    • Home Sellers
    According to NAR, 85.5% of baby boomers were repeat home sellers. The estimated percentage of married baby boomers in the state of California with a household income of over $105,000 per year is 46.9%. Approximately 40% of repeat home sellers in California are married baby boomers with income over $105,000 per year; though; the data did not reveal how many properties have been sold in the past.

    • Investment Properties
    According to NAR, 21% of baby boomers have one or more investment properties. The estimated percentage of married baby boomers in the state of California with a household income of over $105,000 per year is 46.9%. Thus, approximately 10% of married baby boomers with an income of over $105,000 per year are property investors.

    All details and relevant findings are included in the attached spreadsheet row 46 (buyers) and 68 (sellers), columns E-H.
    Part
    24
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    Part
    24

    California Market Segment Unmarried Millennial Buyers / Sellers: $105k

    Even though there is no information on the percentage of unmarried millennials with an income of above $105,000 in California that have purchased or sold two properties, three properties, and above, statistics indicate that there are 4,098,044 unmarried millennials in California. The percentage of unmarried millennials with an income of above $105,000 is 35.17%. Millennials make up 36% of recent home buyers. 79% of the millennials are first-time buyers while 77% of the millennials are first-time sellers. 9% of the millennials own one or more properties. In 2018, 442,000 houses were sold in 2018. Findings are as enters into row 37 (Buyers) and 59 (Sellers), columns E-H of the attached spreadsheet.  

    METHODOLOGY

    We were unable to find the specific percentage of unmarried millennials with an income of above $105,000 in California that have purchased or sold two properties, three properties, and above.

    First, to answer the question, we began our research by trying to determine the exact total number of unmarried millennials in California. In the research brief titled "California Market Segmentation — Unmarried Millennials Income," we identified the population of the unmarried millennials with an income of above $105,000 to be 35.17%.

    Then, we looked for the percentage of the unmarried millennials with an income of above $105,000 in California that have purchased or sold only one property, then percentage have bought or sold two properties, and finally, the percentage have purchased or sold 3 or more properties. We searched for this information generally and then through credible US databases such as National Association of Realtors, California Association of Realtors, Census Bureau, American Fact Finder, World Population Review, Public Policy Institute of California, California Digital Library and American FactFinder, etc. However, this strategy was not successful.
    We tried broadening the criteria to the entire Californian population of unmarried millennials to triangulate estimates for the requested population. From a report by the National Association of Realtors, we were able to triangulate useful findings of the population data including the percentage of buyers, sellers, first-time buyers, etc. This information was not focused on Californian statistics but general national population statistics which was the closest we could get to satisfy the research criteria.
    We looked up other reputable external sites like Forbes, The New York Times, The Washington Post, USA Today and Orange County Register (OCR), etc. From this strategy, we found out that the number of houses sold in California in 2018 was 442,000 and 79% of the millennials are first-time buyers. Other information obtainable that was specific to California was mostly that describing the kind of houses in terms of size, number, and age of children, new or previously sold houses and very little with regard to the client's requirements.
    Finally, we collected the data for the national population of unmarried millennials that have purchased and sold one and more than one houses to obtain estimates for the requested data. However, it should be noted that the data obtained that somehow satisfies the requested criteria and provide additional information on unmarried millennials with an income of above $105,000 population that we found are for the national population and not specific to California. We, however used the same as a proxy for the useful findings section as shown in the following section.

    CALCULATIONS

    From the previous research on California Market Segment — Married Generation X Income, there are 4,098,044 unmarried millennials in California. The statistics given from a previous research states that the percentage of unmarried millennials with an income of above $105,000 is 35.17%.

    OTHER USEFUL FINDINGS

    Assuming the trends among the unmarried millennials in the country can be used as a proxy for the trends among the unmarried millennials in California,
    • Millennials make up of 36% of recent home buyers. Since the percentage of unmarried millennials with an income of above $105,000 is 35.17%;
    • The percentage of unmarried millennials with an income of above $105,000 who are recent home buyers is: 35.17% * 36 % = 12.66%
    •  20% of recent home sellers are millennials.
    • The percentage of unmarried millennials with an income of above $105,000 who are recent home sellers is: 35.17% * 20 % = 7.03%
    •  79% of the millennials are first-time buyers. The percentage of unmarried millennials with an income of above $105,000 who are first-time buyers is: 35.17% * 79% = 27.78%
    •  77% of the millennials are first-time sellers. 8% of the millennials own one or more investment properties. One or more vacation homes: 1% Total percentage of one or more properties owned by millenials is 9%. The percentage of unmarried millennials with an income of above $105,000 who own one or more properties: (9/100)* 35.17%= 3.165%
    However, such assumptions are very generalized, and therefore the trends might be left as follows:
    • Millennials make up of 36% of recent home buyers.
    • 20% of recent home sellers are Millennials.
    • 79% of the millennials are first-time buyers.
    • 77% of the millennials are first-time sellers.
    • 9% of the millennials own one or more properties.

    Part
    25
    of twenty-six
    Part
    25

    California Market Segment Unmarried Gen X Buyers / Sellers: $105k

    After an extensive search, our team was unable to find the specific percentage of the unmarried Gen X home buyers that have purchased one, two, and three or more properties.

    We began our research by first identifying the total number of the unmarried Gen X population with an annual household income of over $105,000 in California. From the previous research our team was able to infer that 19.4% of generation Xers who are not married make over 105K and 51% of Generation X population are not married. From this we can calculate that 9.89% of Generation X is BOTH not married and make over 105K (19.4x .51=9.89)

    Then, we tried looking for the specific percentage of the mentioned population which has purchased only one property, two properties and purchased three or more properties by searching for the data through credible studies, survey reports and US government databases such as National Association of Realtors, California Association of Realtors, US Census Bureau, Data Government Catalog, World Population Review, Public Policy Institute of California, California Digital Library and American FactFinder, etc. This search led us to the 2017 annual report published by the National Association of Realtors ,which provides details on home buying and selling trends for each generation including baby boomers. The data provided, however, is not specifically for California but for the entire US.

    Here, we were able to locate that 26% of Gen X were first time home buyers, 74% had owned at least one property in the past, 11% have at least one investment property in addition to their homes, and 2% own a vacation home in addition to there home.

    Lastly, we searched various white papers and consultancy database such as Deloitte and Mckinsey to determine if any additional studies were conducted on the topic or if we could find any studies specific to California. Unfortunately our results were fruitless.

    The complete details of our findings were also organized and summarized for you in the attached spreadsheet. 

    CALCULATIONS/ FINDINGS

    From the previous research our team was able to infer that 19.4% of generation Xers who are not married make over 105K and 51% of Generation X population are not married. From this we can calculate that 9.89% of Generation X is BOTH not married and makes over 105K (19.4x .51=9.89)

    From the 2017 Realtors Association Report our team was able to determine that 26% of Gen xers were first time home buyers, 74% have owned at least one home before, 11% own at least one investment property in addition to their homes, and 2% own a vacation home in addition to their home.

    From this we can conclude that 26% of Gen X home buyers purchased one property and 74% purchased 2 or more properties.
    Part
    26
    of twenty-six
    Part
    26

    California Market Segment Unmarried Baby Boomer Buyers / Sellers: $105k

    The percentage of unmarried baby boomer population who have a household income of more than $100,000 and are first-time home buyers or sellers are 1.88% and 2.45% respectively.

    Methodology

    After an extensive search, we were unable to find the specific percentage of unmarried baby boomers in California with an annual household income of more than $100,000 that have purchased or sold 2 properties and 3+ properties.

    We began our research by first identifying the total number of unmarried baby boomer population with an annual household income of over $105,000 in California. In the research brief titled "California Market Segmentation — Unmarried Baby Boomer Income," we identified the population of the unmarried baby boomer with an income of above $100,000 to be 17.8%.

    Then, we tried looking for the specific percentage of the mentioned population which has purchased only one property, two properties and purchased three or more properties by searching for the data through credible studies, survey reports and US government databases such as National Association of Realtors, California Association of Realtors, US Census Bureau, Data Government Catalog, World Population Review, Public Policy Institute of California, California Digital Library and American FactFinder, etc. The search led us to an annual report published by the National Association of Realtors which provides details on home buying and selling trends for each generation including baby boomers. The data provided, however, is not specifically for California but for the entire US.

    Thereafter, we attempted to look for alternative data points to triangulate the requested data from by searching through credible studies and insight reports for the data points. On the course of this research, we found a study from the University of Southern California that provides some insights on the baby boomer home buying/selling behaviors. However, the report was focused on home-ownership retention rates rather than the requested data.

    We then combed through credible non-governmental organizations like the Public Policy Institute of California, California Digital Library and American FactFinder. We looked up reputable media sites like Forbes, The New York Times, The Washington Post, and USA Today. We found information on the kinds of properties purchased and sold, such as the size of the properties and the number and age of children of the buyer/seller, however, only a little information was found with regard to the request.

    Furthermore, we broaden the research criteria of the request by using data on the annual report of the National Association of Realtors. This report contained general data points and only specified first time home buyers and sellers (not those who have bought or sold 2 or more properties). It contained data for repeat sellers, but it does not specify how many properties those repeat sellers have sold in the past. It also does not give data on how many times someone has bought/sold properties in the past. Because of this, we are unable to triangulate for the data even by broadening the research criteria.

    After an extensive search and exhausting all strategies, we were still unable to find the specific percentage of unmarried baby boomers in California with an annual household income of more than $100,000 that have purchased or sold 2 properties, 3 properties and above.

    Using data found on the annual report by the National Association of Realtors, we tried to estimate requested information as follows.

    Home buyers

    •  18% of the total number of home buyers belong in the younger baby boomer generation while 14% of the total number of home buyers belong in the older baby boomer generation. Therefore, the total number of home buyers that belong to the baby boomer generations = 32% (14% + 18%).

    • The total number of home buyers that belong in the baby boomer generation who are unmarried and have an annual household income of more than $100,000 = (32 * 17.8%) = 5.7%

    • The total number of first time home buyers belong in the baby boomer generation who are unmarried and have an annual household income of more than $100,000 = (33 * 5.7%) = 1.8%.

    Home sellers

    • The total number of home sellers belong in the baby boomer generation = 21% + 22% = 43%

    • The total number of home sellers belong in the baby boomer generation who are unmarried and have an annual household income of more than $100,000 = 43 * 17.8% = 7.654%

    • The total number of home sellers are first time home sellers who belong in the baby boomer generation who are unmarried and have an annual household income of more than $100,000 = 32 * 7.654% = 2.45%

    useful Findings

    •  33% of the total number of home buyers are first-time home buyers.
    •  21% of the total number of home sellers belong to the younger baby boomer generation.
    •  22% of the total number of home sellers belong to the older baby boomer generation.
    •  32% of the total number of home buyers are first-time home buyers.
    • There are a total of 4,338,364 unmarried baby boomer households in California.
    •  17.8% of which have an annual household income of more than $100,000 which means there are 772,229 unmarried baby boomer households with an annual household income of more than $100,000 in California.

    Sources
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    Demographic Projections | California Department of Finance

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    Total Population by Age (1-year increments) | California Department of Finance

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    California's Population | Public Policy Institute of California

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    How California’s population looks now – and could look 30 years from now

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    California Department of Finance Population Projections Methodology

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    Quotes
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    Quotes
    • "Young adults today, sometimes referred to as “millennials,” 2 are marrying at lower rates than previous generations at similar life stages (U.S. Census Bureau 2014). In 2013, only 26 percent of young adults aged 18-32 were married, a percentage significantly lower than the 36 percent of same-age adults in 1997 (i.e., “Generation X”) and 48 percent in 1980 (i.e., “Baby Boomers”; see Pew Research Center 2014). "
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    askwonder.com
    Publication Year: 2019
    From Part 03

    California Market Segmentation

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    California Market Segmentation - Age Groups

    askwonder.com
    Publication Year: 2019
    Quotes
    • "According to the California Department of Finance data, the 2019 Millennial population of California is approximately 8,035,380, or 19.941% of the total population."

    California Market Segmentation - Marriage Rates

    askwonder.com
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    Quotes
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    w

    California Population 2019

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    What’s a Household? What’s a Family? – Population Reference Bureau

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    Quotes
    • "Households and families are basic units of analysis in demography. They are not the same thing. A household is composed of one or more people who occupy a housing unit.1 Not all households contain families."
    • "Under the U.S. Census Bureau definition, family households consist of two or more individuals who are related by birth, marriage, or adoption, although they also may include other unrelated people."

    American FactFinder - Results

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    Publication Year: 2019

    Here’s how much the typical millennial, Gen X, and baby-boomer worker earns in every US state

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    From Part 04

    California Market Segmentation - Age Groups

    askwonder.com
    Publication Year: 2019

    California Market Segmentation - Marriage Rates

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    California Market Segmentation Spread Sheet

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    askwonder.com
    Publication Year: 2019
    From Part 05

    California Market Segmentation

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    California Market Segmentation - Marriage Rates

    askwonder.com
    Publication Year: 2019
    Quotes
    • "Gen X married population in California is 3,768,615 while unmarried is 3,922,436."
    • "Millennial, Gen X, and Baby Boomer married populations in California are 3,937,336 (49%), 3,768,615 (49%), and 4,168,232 (49%) respectively while their unmarried populations are 4,098,044 (51%), 3,922,436 (51%), and 4,338,364 (51%) respectively. "
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    • "A family includes a householder and one or more other people living in the same household who are related to the householder by birth, marriage, or adoption. "
    • "Married-couple family. This category includes a family in which the householder and his or her spouse are enumerated as members of the same household."
    • "Nonfamily household. This category includes a householder living alone or with nonrelatives only."
    From Part 06

    California Market Segmentation - Marriage Rates

    askwonder.com
    Publication Year: 2019

    American FactFinder - Results

    factfinder.census.gov
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    w

    California Population 2019

    worldpopulationreview.com
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    p

    California’s Aging Population

    ppic.org
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    U.S. Census Bureau QuickFacts: California

    census.gov
    Publication Year: 2017

    California Market Segmentation

    docs.google.com
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    d

    Married Baby Boomer Income -Screen Shot

    docs.google.com
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    From Part 07

    California Market Segmentation

    docs.google.com
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    California Market Segmentation - Marriage Rates

    askwonder.com
    Publication Year: 2019

    American FactFinder - Results

    factfinder.census.gov
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    Grid View: Table B19001 - Census Reporter

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    The Demographic Statistical Atlas of the United States - Statistical Atlas

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    d

    Unmarried Generation X- Screen Shot

    docs.google.com
    Publication Year: 2019
    From Part 08

    California Market Segmentation

    docs.google.com
    Publication Year: 2019

    California Market Segmentation - Age Groups

    askwonder.com
    Publication Year: 2019

    California Market Segmentation - Marriage Rates

    askwonder.com
    Publication Year: 2019

    American FactFinder - Results

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    w

    Selected Characteristics of Households, by Total Money Income in 2017

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    Calculation

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    California Population 2019

    worldpopulationreview.com
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    From Part 09

    California Market Segmentation

    docs.google.com
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    c

    California Housing Market

    car.org
    Publication Year: 2017
    c

    Housing market in California

    car.org
    Publication Year: 2018
    n

    Home Buyer and Seller Generational Trends

    nar.realtor
    Publication Year: 2018
    r

    Will 2019 Be The Year of the Millennial Homebuyer?

    realestate.usnews.com
    Publication Year: 2019

    A new generation of young home buyers is tiptoeing into the market

    latimes.com
    Publication Year: 2017

    2019 Millennial Home Buyer Report | Clever Real Estate Blog

    listwithclever.com
    Publication Year: 2019
    From Part 10
    d

    California Market Segmentation

    docs.google.com
    Publication Year: 2019

    California Market Segment - Married Gen X Income

    askwonder.com
    Publication Year: 2019
    n

    NAR Statistics

    nar.realtor
    Publication Year: 2019

    California home sales volume lays low

    journal.firsttuesday.us
    Publication Year: 2019
    From Part 11

    California Market Segment - Married Baby Boomer Income

    askwonder.com
    Publication Year: 2019
    n

    Home Buyer & Seller Generational Trends 2019

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    c

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    Quotes
    • "Despite tough market conditions, more firsttime buyers continued to enter the housing market, pushing the share of first-time buyers to 34.8 percent, the highest level since 2012. A stronger economy, more robust household growth, and concerns over interest rates rising further were some of the primary factors that contributed to an increasing number of buyers entering the housing market for the very first time. "

    California Market Segmentation

    docs.google.com
    Publication Year: 2019
    From Part 12

    California Market Segmentation

    docs.google.com
    Publication Year: 2019

    California Market Segment - Unmarried Millennials Income

    askwonder.com
    Publication Year: 2019

    Here’s how much money millennials shopping for homes this year plan to spend

    cnbc.com
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    Missing millennial homeownership endangers the American Dream

    marketwatch.com
    Publication Year: 2018
    From Part 13
    d

    California Market Segmentation

    docs.google.com
    Publication Year: 2019

    California Market Segment - Unmarried Generation X Income

    askwonder.com
    Publication Year: 2019
    n

    NAR Statistics

    nar.realtor
    Publication Year: 2019

    California home sales volume lays low

    journal.firsttuesday.us
    Publication Year: 2019
    From Part 14

    California Market Segmentation

    docs.google.com

    California Market Segment - Unmarried Baby Boomer Income

    askwonder.com
    n

    2019 Home Buyers and Sellers Generational Trends Report

    nar.realtor
    Publication Year: 2019
    w

    Housing values may fall as baby boomers die off or sell off, two studies say

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    f

    The Coming Exodus of Older Homeowners

    fanniemae.com
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    From Part 15

    California Market Segmentation

    docs.google.com

    California Market Segment - Married Millennials Income

    askwonder.com
    Publication Year: 2019
    n

    2019 Home Buyers and Sellers Generational Trends Report

    nar.realtor
    Publication Year: 2019

    5 Millennial Real Estate Trends in 2019

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    r

    Will 2019 Be The Year of the Millennial Homebuyer?

    realestate.usnews.com
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    2019 Millennial Home Buyer Report | Clever Real Estate Blog

    listwithclever.com
    Publication Year: 2019
    From Part 16

    California Market Segmentation

    docs.google.com
    Publication Year: 2019

    California Market Segment - Married Gen X Income

    askwonder.com
    Publication Year: 2019
    n

    2019 Home Buyers and Sellers Generational Trends Report

    nar.realtor
    Publication Year: 2019
    From Part 17
    d

    California Market Segmentation

    docs.google.com
    Publication Year: 2019

    California Market Segment - Married Baby Boomer Income

    askwonder.com
    Publication Year: 2019
    g

    Home buyers and sellers generational trend

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    From Part 18

    California Market Segmentation

    docs.google.com
    Publication Year: 2019

    California Market Segment - Unmarried Millennials Income

    askwonder.com
    Publication Year: 2019

    Here’s how much money millennials shopping for homes this year plan to spend

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    Millennials arrive later to the home-buying game, but data shows they’re on deck

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    From Part 19

    California Market Segmentation

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    California Market Segment - Unmarried Generation X Income

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    n

    2019 Home Buyers and Sellers Generational Trends Report

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    CALIFORNIA ASSOCIATION OF REALTORS

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    About NAR

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    From Part 20

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    SPREADSHEET: California Market Segmentation

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    From Part 21

    California Market Segmentation

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    2019 Millennial Home Buyer Report | Clever Real Estate Blog

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    From Part 22

    California Market Segmentation

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    California Market Segment - Married Gen X Income

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    n

    2019 Home Buyers and Sellers Generational Trends Report

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    n

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    w

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    From Part 23

    California Market Segmentation

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    California Market Segment - Married Baby Boomer Income

    askwonder.com
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    n

    2019 Home Buyer and Seller Generational Trends Report

    nar.realtor
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    From Part 24
    d

    California Market Segmentation

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    California Market Segment - Unmarried Millennials Income

    askwonder.com
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    n

    NAR Statistics

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    California home sales volume lays low

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    From Part 25

    California Market Segmentation

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    CALIFORNIA ASSOCIATION OF REALTORS

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    From Part 26

    California Market Segmentation

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    California Market Segment - Unmarried Baby Boomer Income

    askwonder.com
    Publication Year: 2019
    n

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    nar.realtor
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    f

    The Coming Exodus of Older Homeowners

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    w

    Housing values may fall as baby boomers die off or sell off, two studies say

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    When Millennials Battle Boomers Over Housing

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