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. There are some that have strongly disagreed. Well, a new study from the National Association of Realtors (NAR) found Millennials now account for the greatest market share of recent home purchases. Call Craig Adelman today at 303.809.8979.
NAR’s Home Buyer and Seller Generational Trends Study for 2014, revealed that Millennials made up 31% of recent purchases, leading all other age groups. Here are the percentages for other generations:
-30% - Generation X
- 30% - Boomer Generation
- 9% - Silent Generation
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 aspect to owning a home remain solid among young people.” Call Craig Adelman today at 303.809.8979.
-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 10 years.
-Younger buyers relied more heavily than older groups on real estate agents to help them navigate the process.
Point is: Millennials are in the market and recognize the importance of using a real estate professional to guide them to the closing table. Call Craig Adelman today at 303.809.8979.