For the Second Consecutive Year, NAR's study found that the
largest group of recent buyers were the millennial generation, those 34 years
and younger, who composed about 32% of all buyers (31% in year 2013).
With millennials enter the peak buying period
and expected to soon surpass boomers in total population, the overall share of
millennial purchases would be far greater if not for the numerous obstacles
that have slowed their journey to homeownership.
The median age of millennial homebuyers was 29; their median
income was $76,900 (vs. $73,600 in 2013) which is a good indicator of not only
the economic recovery, but the continued improvement in the Real Estate
market. When asked about the primary
reason for purchasing a home, a desire to own a home of their own was highest
among millennials at 39%. The median
down payment for millennials was around 7%, and often this group of homebuyers
relied on their personal savings for a down payment.
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