Five Things to Know: Millennials and Home Buying
Millennials are now major players in the home buying arena, according to the recent Home Buyer and Generational Trends report released by the National Association of Realtors:
1. Millennials accounted for 35% of buyers in 2015. This is up from 32% in 2014, and is the third year in a row Millennials have composed the largest group of recent buyers.
2. In 2015, the number of Millennials purchasing in an urban or central city area decreased to 17% from 21% in 2014. Suburbia-phobe? Perhaps not.
3. They have help getting their foot in the door. Twenty-three percent of Millennials used a financial gift for (or toward) their down payment.
4. An online search was the first step for 56% of Millennials, whether they were looking for properties or searching for information about the home buying process.
5. Almost 90% worked with a Realtor to buy their home.
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Source: “National Association of Realtors Home Buyer and Generational Trends Report 2016,” based on a July 2015 survey of 6,406 recent home buyers who purchased a primary residence between July 2014 and June 2015.