Millennials Most Active Homebuyer Group
For the fifth consecutive year, millennials have been responsible for the largest share of home buying activity, according to the 2018 Home Buyer and Seller Generational Trends study from the National Association of Realtors.
Roughly one-third of all home purchases were made by millennials who held a market share of 36 percent over the past year, an increase of 2 percent from 2017. Baby Boomers at 32 percent ranked second, an increase of 2 percent from 2017. Next were Gen Xers, at 26 percent, a decline of 2 percent from 2017 and the Silent Generation with 6 percent, down 2 percent from 2017.
Over the past year, the typical millennial homebuyer’s household income was $88,200. The average size of a home purchased by a millennial homebuyer was 1,800 square feet.
However, millennials paid more for their homes at $220,000 as compared to $205,000 in 2017. Millennial buyers also reported higher levels of student debt in this year’s survey than they did last year. There was also a slight increase in the number of millennials who reported that saving for a down payment was the biggest challenge they faced in buying a home.
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