Millennials held the highest share of home buying activity out of all other generations for the fifth consecutive year, according to the 2018 Home Buyer and Seller Generational Trends study from the National Association of REALTORS®.
- Millennials held a market share of 36 percent over the past year, up from 34 percent in 2017. Gen Xers ranked second at 26 percent, a drop from 28 percent in 2017, followed by the Baby Boomers with 32 percent, up from 30 percent in 2017 and the Silent Generation with 6 percent, down from 8 percent in 2017.
- NAR explained that Gen X buyers ranked second because Baby Boomers in the survey are segmented into two groups: younger Boomers, ages 52 to 61, and older Boomers, ages 62 to 70, and encompass a longer age period.
- While Millennials held a majority of the share in the home buying market, low levels of housing inventory and higher home prices held back many potential buyers.
- Over the past year, the typical Millennial homebuyer had a higher household income at $88,200, compared to $82,000 last year, and purchased the same sized home at 1,800 square feet.
- Millennials also had higher levels of student debt than in last year’s survey, and slightly more of them said saving for a down payment was the most difficult task in buying a home.
- The market has also seen an increase in multigenerational homes as more adult children opted to live at home with their Gen X or Baby Boomer parents, increasing from 30 percent last year to 39 percent.
- Millennials are the most likely generation to use a real estate agent with 90 percent purchasing through an agent.