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