Who is buying homes these days?

It’s the Millennials! A few years ago, Generation X, ages 33-47, were at the top, buying at 31 percent, with Generation Y, the Millennials, younger than 32, at 28 percent, according to Realtor®Mag, citing the National Association of REALTORS®. Now, the National Association of Realtors® annual reports for the last 2 years puts Millennials as the largest generation of homebuyers, at 32 percent, with Generation X trailing at 27 percent, as reported by Michael DeMasi, Albany Business Review.

DeMasi cited NAR Chief Economist Lawrence Yun, explaining that "Fixed monthly payments and the long-term financial stability homeownership can provide are attractive to young adults despite them witnessing the housing downturn and subsequent slow recovery in the early years of their adulthood." Interestingly, Yun believes that when Millennials reach their full potential for home buying, they will likely surpass those of the baby boomers when at their peak. He does caution, however, that Millennials may have obstacles like underemployment, student debt and slow wage growth.

The annual report found that Millennials’ average home buying age was 29, median income $76,900, typically bought a 1,720 square foot home, costing $189,900. It is also fascinating to note that while all ages of buyers search for homes online, Millennials use real estate agents more than most to buy their home, according to DeMasi.

If you have questions about real estate transactions, or are looking to purchase, sell, rent, or refinance a home and want quality legal assistance, feel free to contact us at (203) 651-5521. If you want to learn more about the Firm before contactin us, visit our website by clicking here.

Categories: Real Estate