Millennials And Baby Boomers Compete To Buy Similar Homes
Recent analysis from Zillow found that 3 percent fewer homes are on the market now compared to a year ago, and that homes sell on average in only 103 days, down from 144 in 2010.
Business Insider reports that one of the reasons for the tight market is that two very different groups of people want the same thing.
Millennials are starting to buy houses. The median age of a first-time buyer is 33, and Millennials make up 42 percent of all homebuyers. Young buyers are looking at homes that are typically around 1,800 square feet, which is very similar to the type of home that downsizing Baby Boomers want.
Of course, there are many differences between a millennial buyer and a baby boomer buyer. Millennials' lives are changing rapidly, and they need their homes to match those changes. ... Baby Boomers are much more likely to consider a wider range of homes, including manufactured housing and condos, than the average buyer.