A recent survey by the National Association of Realtors showed that 85% of homebuyers under the age of 32 considered their purchase of a home as being a good financial investment. The inaugural 2013 National Association of REALTORS Home Buyer and Seller Generational Trends evaluates generational differences of recent home buyers.
Paul Bishop, NAR Vice President of Research says, “Homeownership is an investment in your future, and is how many younger American families begin to accumulate wealth. The oldest of the Millennial generation are now entering the years in which people typically buy a first home.”
The study found that the largest group of recent homebuyers was Generation X Americans, those born between 1965 and 1979 who comprised 31 percent of recent purchases followed by Millennials, sometimes called Gen Y, those born between 1980 and 2000.
The median age of Millennial homebuyers was 28, their median income was $66,200 and they typically bought a 1700 square foot home costing $165,000.