Millennials Lead the Way
For the second year in a row, millennials are buying more houses than any other generation, according to the 2015 National Association of REALTORS® (NAR) Home Buyer and Seller Generational Trends study. In evaluating the generational differences of recent home buyers and sellers, the study found that the millennial generation (those 34 and younger) made up 32 percent of all buyers. Generation X (ages 35-49) composed 27 percent.
Although 51 percent of millennials found the home they purchased on the Internet, they are the generation most likely to use a real estate professional to help them in their search (90 percent). NAR President Chris Polychron said the survey highlights the need for the knowledge and expertise of a REALTOR.
“Nothing can replace the real insights and guidance REALTORS deliver to help consumers navigate the complex buying and selling process,” Polychron said.
Other key areas where millennials led the way:
- Buying a home in an urban area (21 percent)
- Purchase influenced by convenience to jobs (74 percent)
- Purchase influenced by the quality of the neighborhood and community (75 percent)
- The median age of millennial home buyers was 29, their median income was $76,900, and they typically bought a 1,720-square-foot home costing $189,900.