Millennials Represent the Largest Generation of Home Buyers, But . . .
Millennials put $514 billion into the U.S. housing market, becoming the largest generation of home buyers. However, Zillow’s Group Report on Consumer Housing Trends 2017 showed that many in that demographic group are stymied by affordability issues, the buy/sell process, and a hugely competitive housing market.
According to the data, 53% made multiple offers to buy their first home. Furthermore, only two in five millennials could make the recommended 20% or higher down payment. Sixty-two percent, in the meantime, said they shop for a rental while looking to purchase, with more than one-third acknowledging they went over their budget to buy.
“In many cities across the US, the housing market is extremely competitive, especially for first-time buyers who are looking to purchase a starter home,” said Zillow Chief Economist Svenja Gudell. “Young buyers often start their careers in fast-growing cities . . . and they’re trying to save for a down payment while making record-high rent payments.”
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