The National Association of Realtors just released the results of their 2015 Home Buyer and Seller Generational Trends survey, and it shows that for the second year in a row, Millennials are the largest group of home buyers, at 32 percent. They were closely followed by members of Generation X, who represented 27 percent of home buyers.
Researchers discovered that the majority of individuals who purchased homes used the Internet, via a computer or mobile device. However, nearly as many used a realtor to shop for a home, with an overwhelming 88 percent using the Internet and 87 percent taking advantage of a realtor. According to NAR President Chris Polychron, this demonstrates that in spite of the information provided by the web, realtors still have a significant place in the home buying process.
The majority of Millennials stated that the desire to own a home was a reason for their purchase, and both Millennials and Generation X members believed that home ownership was a good investment. Despite obstacles like the housing downturn and its slow recovery, numerous young adults are attracted by the stability offered by owning a home. Millennials surveyed indicated that proximity to a job and quality of a neighborhood were some of the most important factors in deciding which home to buy.
The survey also found that the average age of a buyer from this generation was 29, and they had a median income of $76,900 and purchased a home costing about $189,900. Generation X members were typically 41, with a median income of $104,600 and bought a home that cost $250,000.