flexiblefullpage - default
Currently Reading

Millennials Took a Slower Approach to Home Purchases in 2022

billboard - default

Millennials Took a Slower Approach to Home Purchases in 2022

After speeding into home purchases from 2019 to 2021, first-time buyers were slowed down by historically high home prices and skyrocketing mortgage rates in 2022

December 1, 2022
Cartoon couple pushing shopping cart containing red house toward money signs and question marks
Image: Stock.adobe.com

Millennials became homeowners at the fastest pace of their lifetimes between 2019 and 2021, causing the median age of U.S. homebuyers to fall for the first time in nearly a decade, according to The Washington Post. In 2022, however, that trend shifted as rising prices, falling inventory, and surging mortgage rates made home purchases increasingly unattainable for first-time buyers.

After falling in 2021 for the first time in nine years, the median homebuyer age soared to 53 in 2022, the highest on record. After making major strides to keep pace with older generations in the race toward homeownership, millennials lagged behind in 2022, sending the share of homes purchased by first-time buyers from 34 to 26 percent.

“First-time and younger buyers in 2021 still faced increasing home prices, but we did not see mortgage rates climb to the same level that we have in 2022,” said Brandi Snowden, director of member and consumer research at NAR.

According to Snowden, already high prices, low housing inventory and rapidly rising mortgage rates in 2022 “may have caused would-be buyers to delay homeownership.”

Read more

Related Stories

Housing Markets

These Popular Markets Are Expected to See the Biggest Inventory Gains in 2023

After reaching all time lows over the past two years, inventory is on the rise in metros like Salt Lake City and Dallas 

Housing Markets

Could These Midwestern Metros Be the Next Top Real Estate Markets?

Out-of-state homebuyers are flocking to Midwestern markets like Lafayette, Ind., and Topeka, Kan., where they're finding affordable homes, high-paying jobs, and robust local economies


Buyers Cite Unaffordable Prices as Biggest Hurdle to Homeownership in Q4 2022

Elevated home prices continue to pose an obstacle for house hunters, but most are persevering 

boombox1 -
native1 - default
halfpage2 -

More in Category

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.