Millennials comprise bulk of homebuyers in U.S., NAR report says

New research from the National Association of REALTORS® shows that Millennials make up more than a third of the U.S. Housing market.

And of that number, 65 percent are first-time buyers, according to the recently released Home Buyers and Sellers Generational Trends Report.

The next-oldest generation, GenX, accounts for 26 percent of home sales.

NAR has produced the report annually since 2013.

For Millennials, who are 37 and younger, the data show they are likely to be married (66 percent) and have children (48 percent).

Overall, new home purchases accounted for 15 percent of home sales and existing homes accounted for the remaining 85 percent. The typical home purchased has 1,870 square feet, has three bedrooms and two baths and was built in 1991.

 

2018-03-14T19:45:20+00:00 March 14th, 2018|News|0 Comments

About the Author:

Jon Broadbooks is vice president for communications at Illinois REALTORS®.

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