The recently-released 2013 American Housing Survey (AHS) outlines important information about the next generation of home owners and their home buying habits. This group is comparatively young, with little to no accumulated wealth, and yet one out of every three households who moved in the last two years and bought a home were millennials.
Here are a few of the major findings that the survey revealed:
-3 out of 4 millennial home buyers were first-time buyers. In total they bought more than 2.6 million homes over the last two years
-The median age of a millennial home buyers is 28 years old, 46% of them are married, more than 26% have kids, and they report a median income of more than $60,500
-More than 2/3 of millennial buyers in the last two years bought single-family detached properties. However, they are more likely than older generations to buy a condominium
-The group has a tendency toward older, smaller, and less expensive homes. Half of these purchased homes averages less than 1,650 sq. ft. and cost less than $148,500.
-When ranking their reasons to buy, millinneals reported 1) to establish their own household, 2) needed larger unit, 3) to own
-While older generations chose homes based on size, millennials are more influenced by finances
-Millennials, compared to older generations, are more likely to take proximity to work and good schools into account when choosing which neighborhood to live in
-This group is more likely to use unconventional zero-down mortgages
To see the full report, provided by HousingEconomics.com, click here.