Who’s The Biggest Group Buying Homes Today?

According to the National Association of Realtors, it’s millennials. That age group between 32 and 41 years old. Since 2014, they have been the largest home buying group, representing about 43% of home buyers. Most of these millennials (81%) were first-time buyers. Younger millennials were the most educated age group purchasing homes, with 90% holding an associate degree or higher.

My generation, the GenXers, those aged 42 to 56, represented about 22% of recent buyers, but they also had the highest median income - about $125,000 in 2020. So of course, they are the ones buying the most expensive homes. Their median home price was about $320,000. Keep in mind, though, that 64% of these were married couples, boosting their household income. GenX was also the most diverse group of homebuyers, with 23% reporting as being non-white.

And how are these people finding their homes? The internet, of course. But, 87% of all buyers purchased their home through an agent, and 92% of younger millennials used agents.

And an important thing to note: most people on the survey indicated that they chose their agent based on apparent honesty and trustworthiness, not on experience.