Homebuying Millennials Are Calling Small Towns Home

The 2018 Home Buyer and Seller Generational report from the National Association of Realtors found that more than half of Millennial homebuyers are settling in small towns and suburbs rather than big cities.

The typical home buyers were looking for was 1,870 square feet with three bedrooms and two bathrooms. While the typical home's median age was 27 years, younger buyers tended to buy older homes with lower list prices. Millennials were less likely to buy newly-built homes than younger Baby Boomers; the share of existing home sales were 85 percent, versus new construction homes at 15 percent, Realtor.com reports. Single-family detached homes accounted for 83 percent of all sales.

“It’s a common myth that all millennials are living in urban centers," says Jessica Lautz, managing director of survey research at NAR. "The majority of millennials are buying in suburban areas, and there’s a large share who are purchasing in small towns. It costs less to purchase a home in those areas, and schools are becoming a priority for millennial parents.”

Read more