Meet the Older Millennials, the Largest Share of Homebuyers

When someone says “Millennials,” you might think of tech-savvy high schoolers or college students who frequently dye their hair—which may have been true almost 20 years ago. The oldest Millennials are just one year away from 40. They’re getting married, starting families, and settling down in the suburbs, according to the 2020 Home Buyers and Sellers Generational Trends Report by the National Association of Realtors. Recategorizing Millennials in your head might take some time, but learning more about these homebuyers will better prepare builders for understanding the latest trends and desires tied to the largest share of homebuyers.

Older Millennials, buyers aged 30 to 39 years, made up the largest share of home buyers by generation at 25 percent of all home buyers in 2019; they also accounted for 19 percent of sellers. According to the 2020 Home Buyers and Sellers Generational Trends report, this group was born between 1980 and 1989 and was the largest share of buyers for the seventh consecutive year. Older Millennials had the highest share of married couples (67 percent) and also the highest share of households with children (61 percent).

Older Millennials accounted for the second largest share of first-time home buyers at 52 percent. This generation were the second most likely to rent an apartment (51 percent) or live with friends or family (13 percent) as their previous living arrangement. Older Millennials were the most likely to purchase a detached single-family home (88 percent) and primarily bought previously owned homes (90 percent) for a better overall value and better price. The primary reason that Older Millennials purchased homes was the desire to own a home of their own at 40 percent, followed by desiring a larger home (14 percent).

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