Millennials now make up 43% of Homebuyers

The share of millennial homebuyers increased significantly over the past year, according to the 2022 Home Buyer and Seller Generational Trends report from the National Association of Realtors® (NAR).

The combined share of younger millennial (23 to 31 years old) and older millennial buyers (32 to 41 years old) rose to 43% in 2021, up from 37% the year prior. Almost two out of three younger millennials (65%) found the home they ultimately purchased on the internet, a number that gradually decreases with older generations.

Those between the ages of 42 and 56 – Generation X – had the highest median household income at $125,000. They bought the most expensive and second-largest homes at a median price of $320,000 and size of 2,300 square feet, respectively. Older millennials purchased the largest homes at 2,400 square feet, and the silent generation bought the smallest at 1,800 square feet. Across all generations, the largest share of buyers purchased in suburban areas (51%) and small towns (20%).

Three out of five of recent buyers (60%) were married couples, 19% were single females, 9% single males and 9% unmarried couples. The highest share of unmarried couples were younger millennials at 21%.

Single-female buyers significantly outnumbered single-male buyers across all generations. The highest percentage of single-female buyers was in the silent generation at 27%.

The study also found that first-time homebuying among younger generations is on the rise, with over 4 out of 5 younger millennial homebuyers (81%) purchasing for the first time. Just under half (48%) of older millennial buyers were first-time buyers.

Boomers made up the largest share of home sellers at 42%, although the percentage of millennial sellers is on the rise, increasing from 22% to 26% over the past year. NAR researchers found that, for the first time, it’s now more likely for an older millennial to be a first-time seller than a first-time buyer.

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If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or [email protected].

Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®

m 617.834.8205

www.OliverReportsMA.com

“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
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Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
[email protected]
www.TheFeinsGroup.com
www.OliverReportsFL.com

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