Millennial Buyers Make Up Bulk Of Home Sales

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According to new data from the National Association of Realtors, Americans age 34 and younger made up the largest group of home buyers in the past year. In fact, millennials accounted for 32 percent of all buyers, which was up 1 percent from the year before. Buyers between the ages of 35 and 49 were the second largest group at 27 percent. But, despite being the largest group of recent buyers, younger Americans have been less active in the housing market over the past few years compared to historical norms. This, according to Lawrence Yun, NAR’s chief economist, is about to change. “Even though the share of first-time buyers has fallen to its lowest level since 1987, young adults in general are more mobile than older households,” Yun said. “The return of first-time buyers to normal levels will eventually take place in upcoming years as those living with their parents are likely to form households of their own, first as renters and then eventually as homeowners.” As the millennial generation enters its peak buying years, Yun expects them to represent an even larger percentage of total home purchases. Historically, the number of first-time home buyers has been closer to 40 percent. More here.

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