While the millennial homeownership rate may be lower than preceding generations, a new study suggests that in the DC area Generation Y is playing catch up.
Zillow's latest Report on Consumer Housing Trends notes that an impressive 46 percent of DC area home buyers in the past year were millennials (aged 24-38). Millennials are also contributing to the turnover in market housing supply, accounting for 28 percent of area home sellers.
The report also offered some perspective on other aspects of the local home-buying and -renting market:
- Just over one-third (34 percent) of homebuyers make down payments of less than 10 percent; by contrast, 44 percent of buyers make a down payment of at least 20 percent.
- 47 percent of DC area renters who moved within the last year cited a rent increase as the reason.
- 39 percent of renters in the DC area would be unable to cover a sudden $1,000 expense.
Another interesting note is that 90 percent of sellers in the DC area made concessions as part of a home sale in the past year. Among those who offered concessions, 35 percent were to make minor repairs, 30 percent were to pay some closing costs, and 29 percent were to lower the price.
These findings are based on a survey commissioned by Zillow during the second quarter of the year. All responses are pertaining to transactions which occurred in the preceding 12 months.
This article originally published at https://dc.urbanturf.com/articles/blog/nearly-half-of-dc-area-homebuyers-are-millennials/14501.
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