A new report from the National Association of Realtors (NAR) found that the older half of the Millennial generation was the largest homebuying group in 2018.
NAR’s 2019 Home Buyer and Seller Generational Trends, is the first report of its kind to segment Millennials into two cohorts. Older Millennials, born between 1980 and 1989, made up 26 percent of all homebuyers in 2018, making them the largest share of homebuyers by generation. They were also the second largest share of first-time home buyers, at 52 percent. Most Older Millennials were coming from apartment living (48 percent).
Older Millennials were the second most likely to purchase in the suburbs or a subdivision at 53 percent behind Generation X. They purchased within a median of 10 miles from their previous residence, the same as Younger Millennials. More than other age groups, they purchased homes for the quality of the neighborhood (63 percent), convenience to a job (61 percent), and overall affordability of homes (44 percent).
