Members of the Millennial generation now make up the largest segment of home buyers in the country, according to a new report issued by the National Association of Realtors.
According to the U.S. Census, people defined as Millennials were born between 1981 and 1996 and now number 72.6 million.
In terms of their home buying numbers, they now represent 43% of the market, up by 6% over 2021, and are by far the largest generational presence in the market.
The NAR report, 2022 Home Buyer and Seller Generational Trends, indicates that not only are the Millennials now a lucrative group for realtors, but one solidly connected, with 65% having purchased a home that they found on the internet.
Even so, members of the generations stretching from the Baby Boomers, defined as those born between 1946 and 1964, and Generation X, born between 1965 and 1980, overwhelmingly continue to purchase homes through traditional realtors.
In a statement, Jessica Lautz, vice president of demographics for the NAR, remarked that “some young adults have used the pandemic to their financial advantage by paying down debt and cutting the cost of rent by moving in with family.”
Those same young adults, continued Lautz, “are now jumping headfirst into homeownership.”
In a pattern dating back to the late 1940s, the NAR study also revealed that the vast majority of home buyers were, at 60%, married couples. The second largest component, at 19%, was made up of single females, with single males representing 9% of the buyers.
While their numbers in the home buying market are strong and give every appearance of growing, the Millennials are also a generation challenged by debt. Most likely because of a student debt of $28,000, some 27% of this group indicated that they were having a difficult time saving up for a down payment on a house.
By Garry Boulard
