NEWS: Millenials Want Home Sweet Home Too!

This just in: Millennials now make up 43% of current home buyers – the most of any generation. This is an increase of almost 37% from 2021!

According to the NAR, "They are also the most likely generation to use the internet to find the home they ultimately purchase and most likely to use a real estate agent."

The NAR report found:

"The combined share of younger millennial (23 to 31 years old) and older millennial buyers (32 to 41 years old) rose to 43% in 2021, up from 37% the year prior. Almost two out of three younger millennials – 65% – found the home they ultimately purchased on the internet, a number that gradually decreases with older generations. Eighty-seven percent of all buyers purchased their home through an agent. This number was highest with younger millennials (92%) and older millennials (88%)."

So why the rise in the younger generation being able to afford homes and getting in the game earlier than usual? Well the pandemic certainely had something to do with it. Although covid was an over negative experience, many chose to make it more positive by cutting down debt and saving more since they were not going out as much. Many even moved home with their parents to cut out rent costs and other bills associated. (Why didn't we think of that!)

Recent studies also found that "first-time home buying among younger generations is on the rise, with over 4 out of 5 younger millennial home buyers – 81% – purchasing for the first time. Just under half – 48% – of older millennial buyers were first-time buyers."