November 09, 2018
Trends in Home-buying: Are Millennials Getting in the Market?
It’s easy to fall susceptible to some of the mis-information floating around about the “Millennial” generation. It’s remarkable just how often they get blamed for various ailments we face in society today.
One issue with this body of spurious information is the fact that what a lot of people seem to be saying about Millennials with regard to real estate just isn’t true. There seems to be this perception that they are not willing to get into the real estate market, that they aren’t buying homes.
It isn’t the case. They’re buying plenty. We’ve seen this.
And there’s more to it than just anecdotal evidence. The numbers tell the truth of the matter.
The Truth About Millenials and Home-Buying:
According to the National Association of Realtors report on Home Buyer and Seller Generational Trends, Millenials—which the report considers to be people 37 years of age and younger—are buying homes by the score. Not only are they in the market—they are the largest set of buyers in the market by far. This is true not just for the past year, but for the past several.
Their portion of home purchases comes in at a whopping 36 percent.
What’s more, the portion of these purchasers that were first-time home buyers is 65 percent.
They’re beginning to move away from urban rentals, out toward the suburbs, where they’re buying detached single-family homes.
All told, they’re becoming more and more traditional in their home-buying tendencies, and are driving the residential real estate market right now—and probably for the foreseeable future.
And who’s selling them these homes? By and large, Generation Xers. They’re the largest set of home sellers, at 26 percent.
The Generational Breakdown:
Here’s how the other generations of buyers stack up against Millennial home-buyers:
- Generation X (38-52 year olds): 26 percent of recent home buyers.
- Younger Baby Boomers (53-62 year olds): 18 percent of recent home buyers.
- Older Baby Boomers (63-71 year olds) 14 percent of recent home buyers.
- The Silent Generation (72-92 year olds): 6 percent of recent home buyers.
Whether it’s a Millennial looking to buy a first home in Providence, Rhode Island or a member of the Silent Generation looking to down-size in Boca Raton, Florida, Topouzis & Associates, P.C. can help in the transaction. We perform Title Searches, produce Abstracts of Title and Opinions of Title, and supply Title Insurance in the Rhode Island, Massachusetts, and Florida Markets. Contact us if you need our professional and experienced team by your side at closing.