NAR Generational Survey Shows Millennials Buying Suburban Homes

by User Not Found | Apr 27, 2016
For the third year in a row, the NAR Home Buyer and Seller Generational Trends report found that Millennials comprise the largest group of home buyers. Despite many Millennials (ages  18-33) preferring to live in an urban setting, the need for additional space and affordable housing has led Millennials to purchase houses in the suburbs.

According to the study, debt played a large role in the purchase of a home for younger buyers. Of those surveyed who stated that debt was a hindrance when saving for a down payment, student debt was the leading answer at 53%. Despite seeing an increase in median income ($77,400), nearly a quarter of millennial homebuyers stated that a gift from a relative or friend was the basis of their down payment. 

Visit http://www.realtor.org/reports/home-buyer-and-seller-generational-trends to read the full report.

KNOW YOUR X AND Y ETC.
  • Gen Y (aka Millennials): born 1980 to 1999 (age 36 and younger)
  • Gen X: born 1965 to 1979 (age 37 to 51)
  • Boomers: born 1946 to 1964 (age 52 to 70)
  • Seniors: born pre-1946  (age >71)