Millennials Comprise More than Half of all First-Time Homebuyers
According to a recent study, millennials between the ages of 25 and 34 are dominating the first-time homebuyer market at a rate of 65 percent.
The data from the National Association of Realtors 2015 Homebuyer and Seller Generational Trends report, illustrates that millennials are thwarting their image as a generation of renters.
“People who believe that millennials are disinterested in home ownership are grossly mistaken,” said Jonathan Smoke, Chief Economist for Realtor.com. “This generation hit the job market during one of the largest recessions of all time and they’ve had to work hard to establish credit and save for a down payment.”
The study finds that the millennial group is 70 percent more likely than the average adult to search for a home on realtor.com.
To see the full report, visit the website for the National Association of Realtors.
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