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Younger Buyers More Confident In Market

March 14th, 2014 | Written by | Leave A Comment

NeighborhoodThe Millennial generation, which includes people born between 1980 and 1995, are now reaching the age of the typical first-time home buyer. And, according to the 2014 National Association of Realtors Home Buyer and Seller Generational Trends study, younger buyers are now purchasing the most homes and are the most optimistic about their home’s value as an investment. Lawrence Yun, NAR’s chief economist, said Millennials aspire to own their own home and, since they are the largest generation in history after the Baby Boomers, it means there is potential for strong underlying demand. In fact, young adults were the most likely to say their reason for buying a home was to own a house of their own, as opposed to older adults who cited retirement or the need to move closer to family and friends. Younger buyers were also more likely to move to an urban area, stay close to their previous residence, and place higher importance on commuting costs as opposed to energy efficiency, landscaping, and community features. According to the study, the median age of Millennial home buyers was 29 and they typically bought a 1,800-square-foot home that cost $180,000

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