With a decade’s worth of job advancements and income saving, homebuyers in their early 30s could have the financial flexibility to purchase a nicer home.
Toll Brothers, a luxury home builder with an average contract price of $837,300, says that 23 percent of its sales this year has been to customers with at least one buyer age 35 or younger, according to BloombergPersuits.
Millennials have shown a tendency to delay major life events, such as buying a house, often due to affordability concerns. Buyers between 18 and 34 own only 11 percent of owner-occupied houses in the U.S.
Buyers in their 20s and 30s have been slow to purchase for good reason. They’re marrying and having children later and face a tight existing-home market, where sellers routinely get multiple offers. But the delay has given some of them time to save for a down payment.