For all the discussion in the industry surrounding Millennials and their apparent lack of presence in today’s housing market, a new study from the Nation Association of Realtors (NAR) found they now account for the greatest market share of recent home purchases.
According to the association’s Home Buyer and Seller Generational Trends study for 2014, Millennials—aka “Generation Y” or “Generation Next”—comprised 31 percent of recent purchases, leading all Other age groups. Following that were Generation X (defined as those born between 1965 and 1979), which made up 30 percent.
NAR chief economist Lawrence Yun said the increase isn't that surprising, given that many in the younger generation are now in the peak period in which people buy their first home.“
Given that Millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand,” Yun said. “Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people.”
Indeed, about 87 percent of recent buyers age 33 and younger said they consider their home purchase a “good financial investment” compared to 80 percent of the total survey population.
Millennials were also among the age groups most likely to a simple desire to own a home of their own as their motive for purchasing—as opposed to senior generations, who relocated due to retirement or to be closer to friends and family.
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Author:Brenkus Team Phone: 702-526-2298 Dated: March 18th 2014 Views: 1,124 About Brenkus: Rick and Teri Have been top producers for over 30 years in the Las Vegas area and have been ranked i...
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