Millennials are the biggest group of home buyers

The most recent report from The National Association of REALTORS (NAR) provides insights into differences and similarities across generations of home buyers and home sellers in the United States.

Some interesting statements from the report:

• Millennials are the biggest group of buyers! At 34%, buyers 36-years-old and younger continue to be the largest generational group of home buyers with a median age of 31
• First-time buyers made up 35% of all home buyers
• 66% of recent buyers were married couples, 17% were single females, 7% were single males and 8% were unmarried couples. The highest percentage of single female home buyers was in the 62 to 70 age group
• 38% of all buyers had children under the age of 18 living at home
• For buyers 36-years-old and younger, 48% bought new homes to avoid renovations and problems

The survey also found that a growing number of millennials and younger Baby Boomer buyers have children living at home, student debt is common among Gen X and Boomer households, more millennials are buying outside the city and younger generations are more likely to use a real estate agent.