Millennial Home Buyers Coming Out in Greater Numbers
Millennials continue to buy homes in greater numbers, according to the latest research from the National Association of REALTORS®.
According to the association’s 2018 Home Buyer and Seller Generational Trends study, 36 percent of all home buys in 2017 were made by Millennials. This means that Millennials are the most active generation of buyers for the fifth straight year.
Gen X buyers ranked second, accounting for 26 percent of all home sales last year, while younger Baby Boomers accounted for 18 percent.
Millennials also appear to be buying homes in greater numbers today than in years past. According to the association’s survey, the year earlier, Millennials only accounted for 34 percent of all home sales.
It’s good to see the Millennials active in the housing market. There was a time when economists fretted that these younger buyers weren’t buying condominiums and single-family homes at the same pace as did the generations that came before them. Those fears are starting to dissipate now, though, as younger buyers are moving from renting to buying in greater numbers.
The association’s survey also included some interesting information about Millennial buyers. The association reported that the average Millennial buyer had a household income of $88,2000 and purchased a home with an average size of 1,800 square feet. Millennials spent an average of $220,000 on these homes.
If you’re a Millennial ready to buy a home for the first time, I have one piece of advice for you: Work with a REALTOR® who knows the neighborhoods in which you want to buy. These real estate professionals can help you find the best-priced Chicago condominiums or single-family homes. They’ll also guide you through the sometimes tricky negotiation process.
Buying a home for the first time is exciting. And the odds are high that you’ll be far happier when you’re working with a REALTOR®.