Millennials Dominate Real Estate as Home Prices Rise
Amid increasing home prices, millennials continue to emerge as dominant homebuyers, as revealed by a National Association of REALTORS survey. Younger millennials (ages 25-33) constitute 17% of the buying population, earning between $85,000 and $149,999 annually. Notably, 54% are married and prefer homes with three or more bedrooms, ideal for growing families.
Older Millennials’ Financial Edge in Homebuying
Older millennials (ages 34-43) display a stronger financial presence, with 65% earning over $100,000 annually. Their median income stands at $127,000, and 40% have owned multiple homes. These buyers prioritize homes with at least two bathrooms, reflecting a keen sense for comfort and practicality.
Key Takeaways:
- Millennials are the largest segment of homebuyers, adapting despite rising costs.
- Young millennials favour savings for a median 10% down payment.
- Older millennials, with higher incomes, make 13% median down payments.
In analysing these trends, it is clear that real estate remains a critical investment for millennials. Discover more insights by reading the original survey on GOBankingRates.
Question for Readers:
How does the homebuying trend among millennials affect cities like Abuja and Lagos? Share your thoughts below!
