Millennials are the Largest Segment of Homebuyers

Data from the National Association of Realtors (NAR) show that millennials (born between 1981-1996, Pew Research), also referred to as Gen Y and Echo Boomers, are the largest home-buying population at thirty-seven percent.

The NAR research shows that millennials are the most likely to be first-time homebuyers. They have also been the largest proportion of homebuyers since 2014.

Millennials have also experienced the lingering impact of the Great Recession and the pandemic, both, which caused a delay in home ownership. This impact caused millennials to live with parents and relatives longer than any previous generation, allowing them to save money for a down payment.

The pandemic and resulting economy has resulted in a large percentage (18%) of this population to purchase a home large enough to accommodate multiple generations. Now, grandparents, siblings, parents and adult children often live in the same house. This pooling of resources has made life easier during the pandemic for this group by saving money, and sharing duties and childcare with family.

Convenience is also a factor for choosing where to live for many millennials who continue to commute to work. The study reports that fifty-seven percent of millennial homebuyers want to be closer to family and friends.