Millennial’s responsible for slightly more than a third of all home purchases made over the past year.

We have all used the word millennial for some reason or another, but have we ever stopped to consider who the millennial really is?  For Baby Boomers, the term seems to be tossed around for pretty much anyone without gray hair who can be an easy target for a quick joke.  But this generation, who demographers typically classify as anyone born in the early 1980’s through the mid 1990’s are starting to make quite the splash in the real estate market.

According to the National Association of Realtors, Millennial’s were responsible for slightly more than a third of all home purchases made over the past year. And that makes them the most active generation of home buyers for the fifth year in a row.

Well the affordability issues still remain, and with the stubbornly low housing inventory and the lackluster amount of housing starts, the cost to buy a home continues to rise. Millennial’s on average from 2017 to 2018 purchased the same size home (1,800 square feet) for a higher price and more have said this year, that saving for a down payment was the most difficult part of buying a home.

We can assume going forward, that without an easing of current home prices, the task of buying a home for young adults will continue to be a difficult one.