Millennials Continue to Drive Housing Market, NAR Study Shows | Chicago Association of REALTORS®

NAR recently released their 2022 Home Buyer and Seller Generational Trends report, which showed that the share of millennial homebuyers rose to 43%, up from 37% last year. This is the largest share of any generation in the housing market.

Other highlights from the study include:

  • Generation X bought the most expensive homes at a median price of $320,000.
  • Almost two out of three younger millennials (ages 23 to 31) – 65% – found the home they ultimately purchased on the internet, a number that gradually decreases with older generations.
  • 87% of all buyers purchased their home through an agent. This number was highest among millennials.
  • Buyers from all generations agreed about the top reasons for using an agent: they wanted help finding the right home to purchase, negotiating the terms of sale and negotiating the price.
  • Those between the ages of 42 and 56 – Generation X – had the highest median household income at $125,000.
  • Buyers expected to live in their homes for 12 years, down from 15 years last year.
  • Younger generations tended to move shorter distances when relocating.

Find out more and check out the full report here.