The National Association of Realtors’ 2017 Home Buyer and Seller Generational Trends Report showed that millennials are leading the United States in home buying age groups. According to the report, 34% of today’s U.S. homebuyers are millennials, making them the largest home buying group for the fourth consecutive year.
The majority of millennial buyers are first-time homebuyers and many are living in areas of the country with hot housing markets and rising home prices. NBC News and the NAR found that a large focus of many millennial homebuyers is affordability. Additionally, millennials want adequate space. Due to the fact that many millennial buyers have been renting smaller properties, they want something with plenty of space when they take the plunge to purchase.
The report also focused on shopping trends. It was found that most buyers of all age groups begin their home search online; however, 90% of millennials use a real estate agent in a way that would be considered non-traditional by older age groups. While millennials use real estate agents for the purpose of negotiations, contracts, and paperwork, they do most of the actual finding of homes on their own.
For more information about millennial homebuyers, click here.
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