Millennials are now major players in the home buying arena, according to the recent Home Buyer and Generational Trends report released by the National Association of Realtors:
1. Millennials accounted for 35% of buyers in 2015. This is up from 32% in 2014, and is the third year in a row Millennials have composed the largest group of recent buyers.
2. In 2015, the number of Millennials purchasing in an urban or central city area decreased to 17% from 21% in 2014. Suburbia-phobe? Perhaps not.
3. They have help getting their foot in the door. Twenty-three percent of Millennials used a financial gift for (or toward) their down payment.
4. An online search was the first step for 56% of Millennials, whether they were looking for properties or searching for information about the home buying process.
5. Almost 90% worked with a Realtor to buy their home.
Are you a Millennial looking for your next home? Work with an agent prepared for the changing marketplace. Find one here.
Source: “National Association of Realtors Home Buyer and Generational Trends Report 2016,” based on a July 2015 survey of 6,406 recent home buyers who purchased a primary residence between July 2014 and June 2015.
Apr 13, 2016