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.