Millennial First-Time Buyers Expected To Shift Housing Market In 2017

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October 20, 2016

The tastes and preferences of young adults may seem foreign to older generations, but in terms of housing, Millennials want the same things Baby Boomers and Gen Xers did a few decades ago. They want a single-family home in the suburbs.

Realtor.com conducted an annual survey of home shoppers and found that 52 percent of buyers next year will be first-timers, and that 61 percent of that group are under age 35.

“This represents an ‘Oh, shift’ moment in housing,” says Jonathan Smoke, chief economist for Realtor.com. “With so many first-time buyers in the market, competition will be even fiercer next year for affordable starter homes in the suburbs. Those looking to buy may want to consider a winter home purchase in order to avoid bidding wars and higher prices spurred by a potential increase in millennial buyers.”

According to the survey, 39 percent of people age 25-34 preferred to buy a single-family home, and 34 percent desired a townhome (for comparison, 71 percent of people age 55-64 in the survey said they wanted a single-family home). Also, half of Millennial respondents were eying a house in either a near or outlying suburb.

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