Millennials Continue to Drive Housing Market, NAR Study Shows

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.