Millennials are leading the pack in home purchases across America. They're the generation that graduated into the Great Recession and the one that has held more jobs than any other age demographic. And just when they were beginning to get hold of their financial footing, a pandemic swept in and put their progress on pause.
Millennial is the name given to the generation born from 1980 to 1996, in terms of numbers, Millennials have edged out the baby boomers as the most significant generation in American history. And now, they are buying homes and making a significant impact on the housing market.
Despite repeated financial setbacks and stronger economic headwinds that were out of their control, millennials continue to comprise the largest share of homebuyers in the U.S. Millenials are nothing if not resilient. According to a recent report from the National Association of Realtors, Millennials made up 43% of all U.S. homebuyers in 2021.
- Baby Boomers (1946 to 1964) 29% are homebuyers
- Gen Xers (1965 to 1979) 22% are homebuyers
- Millennials (1980 to 1996) 43% are homebuyers
There are an estimated 66 million Millenials in America and they are flooding into the real estate market across America. They have been the largest segment of homebuyers since 2014. It's a trend that continues to grow. In 2020, Millenials comprised 37 percent of people looking to buy homes.
With inventory levels at historic lows, Millenials who are still searching for a home will need to work closely with an agent and be patient.