Increase in First-Time Buyers – The Millennials

The millennials are in!

65 percent of visitors to the Realtor.com website who identified themselves as being between the ages of 25 and 34 (millennials) said they intend to buy a home within 3 months. This is an 11 percent increase in the last six months.

Analysts agree that young buyers are traditionally the top drivers of housing demand but have been slow to join the would-be market due primarily to their own high student debt, tight credit and an uncertain job market. However, as the economy improves, rents increase (in some areas, drastically) and a concern that low mortgage rates won’t last forever, a greater percentage of millennials are deciding that now is the time.

Currently, millennials are outpacing the older Generation X as the single largest segment of home buyers.

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