Who Says Millennials are not Buying Houses?

We have often gone around the fact that Millennials have a stronger belief in homeownership than previous generations. Some have strongly disagreed. Well, a new study from the National Association of Realtors (NAR) found Millennials now account for the most significant market share of recent home purchases.

NAR’s Home Buyer and Seller Generational Trends Study 2014 revealed that Millennials made up 31% of recent purchases, leading to other age groups. Here are the percentages for other generations:

  • 30% - Generation X
  • 30% - Boomer Generation
  • 9% - Silent Generation

Ready to find your dream home in Colorado?
Let us help you. Call or Text Kenna Real Estate at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.

NAR chief economist Lawrence Yun explained:

“Given that Millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand. Moreover, their aspiration and the long-term investment to own a home remain solid among young people.” 

Additional findings:

  • 87 percent of recent buyers age 33 and younger said they consider their home purchase a “good financial investment.”
  • Millennials motive for purchasing has been their desire to own a home of their own
  • The average age of recent Millennial buyers was 29
  • The average income was $73,600.
  • 87 percent purchased an existing home, and they plan to stay in their homes for a median of 10 years.
  • Younger buyers relied more heavily than older groups on real estate agents to help them navigate the process.

The point is that millennials are in the market and recognize the importance of using a real estate professional to guide them to the closing table.

Contact Kenna Real Estate

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Post a Comment