Millennials pick up their pace of homebuying

house money

So much for the stereotype that millennials are going to live with their parents for the rest of their lives. Buyers 35 and younger made up 35 percent of buyers in 2015, up from 32 percent in 2014.

That’s according to the National Association of Realtors’ Home Buyers and Sellers Generational Trends report issued Wednesday.

Millennials were the most active age group in the housing market, outpacing boomers, who accounted for 31 percent of purchases, and Generation X (26 percent of buyers). Millennials might be moving out of their parents’ homes, but the parents are giving them a push — nearly a quarter of millennials scrounged a down payment from the Bank of Mom and Dad, NAR says.

Millennial buyers’ comparatively lower incomes ($77,400, to Gen X’s $104,700) meant they bought less expensive homes ($187,400, vs. Gen X’s $263,200.)

NAR conducted its surveys last summer and defined Gen X as Americans ages 36 to 50. Boomers were 51 to 69.

Reader Comments 0

0 comments