Millennials Retake Top Spot As Largest Generation of Homebuyers
✉️ Want to forward this article? Click here.
Millennials are back on top as the largest generation of home buyers, according to a new study out today from the National Association of Realtors.
The 2024 Home Buyers and Sellers Generational Trends report found that millennials rose to 38% of the homebuyer pool in 2023, up from 28% in 2022. Millennials retook the top spot from baby boomers, who represented 31% of buyers.
story continues below
loading...story continues above
“The generational tug-of-war between millennials and baby boomers continued this year, with millennials rebounding to capture the largest share of home buyers,” said Dr. Jessica Lautz, NAR deputy chief economist and vice president of research. “This notable rise is attributed to both younger millennials stepping into homeownership for the first time and older millennials transitioning to larger homes that suit their evolving needs.”
The report also found that first-time buyers made a bit of a comeback last year. 32% of all buyers in 2023 were purchasing for the first time, according to the report, an increase from 26% in 2022. Younger millennials led the charge as the proportion of first-time buyers in this age segment increased from 70% to 75%.
While they were knocked off the top homebuyer spot, baby boomers are still the largest home-seller generation, accounting for 45% of all sellers in 2023.
This article originally published at https://dc.urbanturf.com/articles/blog/millennials-retake-top-spot-as-largest-generation-of-homebuyers/22149.
Most Popular... This Week • Last 30 Days • Ever
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
This week’s Best New Listings includes a townhouse on a secluded alley block and a ... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- Best New Listings: One Of 10 On U Street; Moved By Horses To Tenleytown
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro