A new study from theNational Association of Realtors (NAR) found Millennials now account for the greatest market share of recent home purchases.
NAR’sHome Buyer and Seller Generational Trends Study for 2014, revealed that Millennials comprised 31 percent of recent purchases, leading all other age groups. Here are the percentages for other generations:
§30% - Generation X
§30% - Boomer Generation
§9% - Silent Generation
NAR chief economist Lawrence Yun explained:
“Given that Millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand. Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people.”
Other findings from the report:
§87% of recent buyers age 33 and younger said they consider their home purchase a “good financial investment”
§Millennials were most likely to have a simple desire to own a home of their own as their motive for purchasing
§The median age of recent Millennial buyers was 29
§The median income was $73,600.
§87% purchased an existing home, and they plan to stay in their homes for a median 10 years.