Millennials Account for One-Third of Homebuyers

Mar 14, 2018

The housing market is poised to see a dramatic increase in the number of first-time homebuyers

Slightly more than one-third of all home purchases were made by Millennials over the past year, according to the National Association of Realtors (NAR) 2018 Home Buyer and Seller Generational Trends study.

The latest study found Millennials accounting for 36 percent of homebuying, making them the most active generation of buyers for the fifth year in a row. In last year’s study, Millennials accounted for 34 percent of homebuyers. In comparison, Gen X buyers ranked second (26 percent, down from 28 percent in 2017), followed by Baby Boomers (32 percent, up from 30 percent in 2017) and the demographic dubbed by NAR as the “Silent Generation,” those born between 1925 and 1945 (six percent, down from eight percent in 2017).

NAR determined that the typical Millennial buyer in the survey had a higher household income ($88,200) than a year ago ($82,000) and purchased the same-sized home (1,800-square-feet) at a more expensive price ($220,000, up from $205,000 in 2017). Millennials carried higher student debt balances than in last year’s survey, and slightly more of this youthful demographic acknowledged that saving for a down payment was the most difficult task in buying a home.

Fifty-two percent of Millennials bought in a suburban location, with 15 percent opting for a home in an urban area. Only two percent of Millennial buyers over the past year bought a condo.

About the author

Phil Hall

Link copied

Published

Mar 14, 2018

Analysis and Data

One-Third Of Homeowners Expect To Refinance Despite Elevated Mortgage Rates

Many prospective refinancers carry mortgage rates above 5%, suggesting demand could accelerate if borrowing costs decline

One-third of homeowners say they are either currently refinancing or likely to refinance within the next two years, despite mortgage rates remaining well above pandemic-era lows, according to new survey data released by Refi.com.The findings challenge a common industry narra...

C-Suite Strategies

Two Harbors Reaffirms August Closing Timeline For CrossCountry Deal

MSR-focused REIT says it will continue regular dividends through closing as the proposed sale advances following UWM's decision not to submit a revised bid

Two Harbors Investment Corp. used its latest dividend announcement to reaffirm expectations that its pending sale to CrossCountry Mortgage remains on track for an August closing.The mortgage servicing rights (MSR)-focused real estate investment trust said it plans to continu...

Jul

New Orleans, LA

More from

Industry News

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News

Jun 18, 2026

Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News

Jun 18, 2026

Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News

Jun 17, 2026

Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power