Young adults are continuing to grow out of their renting phase and become home owners.
The NAR’s 2017 Home Buyer and Seller Generational Trends study found that Millennials, at 34 percent, were the largest share of buyers for the fourth straight year.
“That myth that millennials don’t want to own things is not true,” Jeremy Wacksman, chief marketing officer at the Zillow Group, said to NBC News. “Millennials are not just starting to buy homes; they’re powering the housing market.”
A recent poll from NAHB found that 90 percent of Millennial respondents said that they want to buy a house eventually.
Also, data from NAHB indicate that younger buyers want big homes in the suburbs. A significant portion of Millennial buyers are interested in “forever homes,” properties that they intend to keep for the rest of their lives. The most popular cities for Millennial buyers are, in order: Salt Lake City, Miami, Orlando, Seattle, and Houston.
Baby Boomers were 30 percent of buyers, according to the NAR study.