More millennials see homeownership as a good investment, according to the National Association of Realtors® inaugural Home Buyer and Seller Generational Trends report. Millennials are those born between 1980 and 2000.
The survey evaluated the generational differences between recent buyers and sellers and found that while 80 percent of recent buyers felt their purchase was a good investment, the number was even higher among Millennials, at 85 percent. The largest group of recent home buyers consisted of Generation X Americans, those born between 1965 and 1979, who made up 31 percent of recent purchases. The median age of Millennial home buyers was 28, their median income was $66,200 and they typically bought a 1,700-square foot home costing $165,000. The typical Gen X buyer was 39 years old, had a median income of $93,100, and purchased a 2,100- square foot home costing $235,000.
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This is the first of its kind study produced by NAR. Talk to a Realtor® for insight into the generational trends they see in their local market. And check out this video for more information on the role of Millennials in today’s housing market!