Who are the buyers ?

The Millennials or Gen Y (24-38) held a market share of 36% over the past year. Gen Xers (39-53) ranked second at 26% f0llowed by the Baby Boomers with 32%.  While Millennials held a majority of the share in the home buying market, low levels of housing inventory and higher home prices held back many potential buyers.  Over the past year, the typical Millennial home buyer had a higher household income at $88,200 compared to last year of $82,000 and purchased the same size home 1800 square feet.  The market has also seen an expected increase in multi-generational homes as more adult children opted to live at home with their Gen X or Baby Boomer parents.

 

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