WASHINGTON (National Association of Realtors) – More than a third of all homes were bought by millennials last year, keeping them as the most active generation of homebuyers for the fifth year in a row.
According to the National Association of Realtors 2018 Homebuyer and Seller Generational Trends study, 36 percent of purchases were made by millennials, up 2 percent from the year before. Gen X buyers ranked second (26 percent), followed by younger (18 percent) and older baby boomers (14 percent). The Silent Generation held the smallest part of the pie at 6 percent.
The survey found that millennial buyers prioritize living close to friends and family over a home’s proximity to schools. An overwhelming majority used a real estate agent to buy or sell a home.
The typical millennial buyer last year had a higher household income ($88,200) than a year ago ($82,000). They purchased the same-sized home (1,800 sf) at a more expensive price ($220,000, up from $205,000).
Millennials also had higher student debt balances than in last year’s survey. Slightly more of them said saving for a down payment was the hardest part of the homebuying process.