Think All Millennials Live In Their Parents’ Basements! Think Again!

According to the Census Bureau, millennials have overtaken baby boomers as the largest generation in U.S. History. Millennials, or America’s youth born between 1982-2000, now represent more than one quarter of the nation’s population, totaling 83.1 million.

There has been a lot of talk about how, as a generation, millennials have ‘failed to launch’ into adulthood and have delayed moving out of their family’s home. Some experts have even questioned whether millennials want to move out.

The great news is that not only do millennials want to move out… they are moving out! The National Association of Realtors (NAR) in their 2016 Profile of Home Buyers and Sellers revealed that 61% of all first-time homebuyers were millennials in 2015!

The median age of all first-time buyers in 2015 was 31 years old.

Here is a chart showing the breakdown by age:

Think All Millennials Live in Their Parent’s Basement? Think Again!

Many social factors have contributed to millennials waiting to buy their first home. The latest Census results show that the median age of Americans at the time of their first marriage has increased significantly over the last 60 years, from 23 for men & 20 for women in 1955, to 29 & 27, respectively, in 2015.

Those who went to college and took out student loans are finally paying them off, as the terms on traditional student loans are 10 years. This means that a large portion of the generation is making its last loan payments and is working toward saving for a first home.

The first-time homebuyer share has increased to 35% of all buyers, up from 32% in 2014. Not all millennials are first-time buyers, they also made up 12% of all repeat buyers!

Bottom Line

Millennials will continue to drive the housing market this year, as well as in the years to come. As more and more realize that owning a home is within their grasp, they will flock to own their piece of the American Dream.

Are you ready to buy your first or even second home? If so, contact a Real Estate Advisor | REALTOR® from Martin Real Estate Advisors, a United Real Estate Company, at 469-262-5411 or just complete the GET IN TOUCH form on this page and we will get in touch with you as soon as possible. We would be honored to help you achieve your home ownership dream!

Content credit to Keeping Current Matters at www.simpligyingthemarket.com

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