Nearly Half of DC-Area Homebuyers are Millennials
✉️ Want to forward this article? Click here.
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.
story continues below
loading...story continues above
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.
See other articles related to: dc area market trends, millennials, zillow
This article originally published at https://dc.urbanturf.com/articles/blog/nearly-half-of-dc-area-homebuyers-are-millennials/14501.
Most Popular... This Week • Last 30 Days • Ever

In this article, UrbanTurf will explore some of the more common methods that parents ... read »

The development pipeline in the Tenleytown and AU Park neighborhoods has dwindled in ... read »

A large new apartment project is in the works for the Long Branch section of Silver S... read »

Long-term rates have now fallen incrementally for the last few weeks.... read »

The housing market is off to a slow start this year.... read »
- How Can Parents Transfer Real Estate to Their Children?
- Stalled Or Full Steam Ahead: The 3 Developments In The Tenleytown and AU Park Pipeline
- 148-Unit Double Winged Apartment Building Pitched In Silver Spring
- Mortgage Rates Inch Down For 4th Week In A Row
- Slow Start: DC-Area Home Buyers, Sellers Cautious To Start 2025
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