According to Barron’s, Over the past year, millennials made up the largest share of homebuyers: 37%. Experts are predicting that that trend is expected to continue.
Millennials ages 26-41 are said to make-up 22% of the total U.S. population. Since the pandemic a large group of them are in the market extremely motivated to purchase a home. Homeownership for adults between the ages 30 and 44 years old has increased by 1.3 million since the COVID pandemic began.
Information released by the National Association of REALTORS® reveals that married couples aged 31 to 40 were more likely than any other age group to purchase homes during that time. Additionally, the largest group of single people that purchased homes were younger millennials, aged between 22 and 30 years old. NAR cites new opportunities for remote work as a core reason.
Additional factors during this time that are contributing to the home purchase boom, are the continuing low mortgage rates and couples with growing wealth. According to Barron’s, Millennials are approaching their peak earning years and data shows they are trending to cheaper starter homes. Analysts attribute that trend to student loan debt. My professional opinion is that we can expect the Millennial buyers to continue moving the housing market forward.