Millennials Account for More Than 1/3 of All Homebuyers
A new study breaks down millennial homebuyers by the numbers.
Published Aug 19, 2017 7:10 AM
An infographic on the Phoenix Association of Realtors website revealed that millennials—here defined as those born between 1976 and 2004—have actually been the largest group of homebuyers for the past three years in a row. And this number is only going to increase, especially since so many millennials haven’t entered the housing market yet.
To figure out exactly what motivates millennials to buy homes—besides their dogs, of course—Homes.com conducted the study the infographic is based on, and it covers everything home agents would ever need to know about millennial motivation to buy a home. For instance, it was revealed that most millennials who buy homes are married—66 percent, to be precise.
Other findings were equally surprising. The median age was 30 years old, which is younger than most would expect, especially given the suggestion that most millennials aren’t earning enough to buy homes (because they’re spending too much money on avocado toast). The median income was a not too crazy $82,000, and despite the whole pet versus kid conundrum, 49 percent of millennial homebuyers had children below the age of 18 in their homes. (This isn’t to say they didn’t have pets in their homes as well, though.)
Millennials also look at a number of factors before picking a home—the main three being quality of the neighborhood, job convenience, and affordability. That is to say, millennials have no desire to throw their money away on some crazy, over-the-top mansion for the sake of having a home, even though cost wasn’t really an option when it came to choosing hotels.
Agents are in luck, though, since 92 percent of millennials finally chose their own agents to help them make this huge decision—which means the 44 percent of homeowners currently regretting their purchases convinced millennials to get some help when it came to such a lifelong commitment. This makes total sense in the long run, because if you’re going to do something, why not do it right?
Want to learn more, and maybe figure out your own real estate plans in the process? Check out the full infographic below.
Source: Phoenix Association of Realtors