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Roughly 92% of Millennial Homebuyers Say Inflation Has Affected Their Purchasing Plans

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Market Data + Trends

Roughly 92% of Millennial Homebuyers Say Inflation Has Affected Their Purchasing Plans

Millennials are entering their prime homebuying years during one of the housing market's most volatile periods in history, but many are forging ahead anyway


January 25, 2023
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Image: Stock.adobe.com

Of all Millennials who planned to become homeowners during the past year, 92% say inflation has affected their goal, though the majority are still continuing the search for their future home. According to a recent survey by Real Estate Witch, just 28% of Millennials are delaying their homebuying plans in the wake of rising inflation.

The remainder of respondents say they’re saving more money for an upcoming purchase (59%), spending more than expected (36%), buying a fixer-upper (26%), or purchasing a smaller home (25%), CNBC reports. 

Millennials — who are roughly ages 27 to 42 — are in their prime homebuying years. The typical first-time buyer was age 36 in 2022, up from age 33 in 2021, according to the National Association of Realtors. 

Last year, first-time buyers made up 26% of home purchases, compared with 34% in 2021. The combination of year-over-year double-digit price jumps for much of 2022 and rising mortgage rates created an affordability problem for many buyers.

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