Photos: Charles Henry/Flickr
Millennials made up the biggest group of recent home buyers in the US for the second year in a row, according to a new survey from the National Association of Realtors (NAR). The 2015 Home Buyer and Seller Generational Trends study found that 32 percent of all US home buyers were aged 34 and younger.
The demographic, also known as Generation Y, purchased more than the two segments of the Boomer population combined. Older Boomers, born between 1946 and 1954, accounted for 15 percent of home sales between July 2013 and June 2014, while younger Boomers, those born between 1955 and 1964, made up 16 percent of all buyers.
Typically, Millennials purchased a 1,720-square foot home costing $189,900. The median income for this generation was $76,900.
“Many Millennials have endured underemployment and subpar wage growth, and rising rents and repaying student debt have made it very difficult to save for a downpayment. For some, even forming households of their own has been a challenge,” he said in a statement.
Debt remained a significant obstacle for would-be Millennial buyers. Compared to other demographics, Generation Y had the largest number of recent purchasers, 22 percent, who said saving for the downpayment was the most difficult task in the buying process. Among those, 50 percent indicated credit card debt had held them back while 46 percent said student debt had delayed their savings.
Millennials may be known for their love all things internet-related and 84 percent went online when house hunting. However, a very large part of each generation turned to the web: 79 percent of Generation X, 73 percent of younger Baby Boomers, 62 percent of older Baby Boomers and 46 percent of the Silent Generation, or those aged 69 to 89.