Millennials might be finally getting sick of handing their money over to a landlord every month. According to the National Association of Realtors’ (NAR) Home Buyers and Sellers Generational Trends Report, 34%, which is the largest share of home buyers, are millennials. This has been the case for the last four years. The NAR also found that 66% percent of these millennial buyers were purchasing their first home. While this is one of the biggest trends in the housing market, the NAR has some more interesting findings. Read below for more:
- Home buyers who have purchased their first home take up 35% of all home buyers.
- Multi-generational homes are more likely to be bought by buyers who are 52 to 61.
- Real estate agents or brokers are still in demand when it comes to buying, and this is the case for all generations.
- 28% of recent home buyers are buyers between the ages of 37 to 51, and this age group has the highest income.
- 37 to 51 aged buyers purchased the largest homes in median square footage and bedrooms.
- The smallest share of home buyers are people between the ages of 71 to 91 at just 8%.
- 14% of homes that were purchased were purchased new, and 86% of homes were pre-owned.
- As far as the home process goes, the first step taken for buyers was an online search for homes. Home buyers who are 71 years and older did not take this step, and instead they contacted a real estate agent first.