According to the National Association of Realtors’ Home Buyer and Seller Generational Trends report, released today, people who are 35 years of age and younger continue to be the largest generational group of homebuyers – and 67% of those buyers were first-time homebuyers. This article by Andrea Riquier of MarketWatch highlights some of the findings from the report.
Maybe millennials aren’t so different after all.
There’s been widespread fascination with a generation that’s supposedly shunned homeownership and the suburbs in favor of rented apartments in hip, walkable cityscapes. But millennials, also known as Generation Y, have consistently made up the largest share of home buyers in annual surveys conducted by the National Association of Realtors, and 2016’s findings are no different.
“The largest cohort in America is growing up, and while Gen Y ages they become more traditional in their buying habits,” NAR noted in its 2016 Home Buyer and Seller Generational Trends Report, out Wednesday.
Some 35% of buyers in 2015 were millennials, up from 32% in 2014, and their median age was 30, according to NAR. Generation X, those aged 36 to 50, made up 26% of buyers, the second-largest group, and had a median age of 42.
