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Leah TenBieg

The US housing market: Who is affecting it?

Tuesday, August 15, 2017 - Article by: Leah TenBieg - Prospect Home Finance - Message

Millennials have been on top of the US housing market for the last four years. According to the National Association of Realtors' (NAR) Home Buyers and Sellers Generational Trends Report, 34%, which is the largest share of home buyers, are in fact millennials. Among this percent of millennials, 66% were first-time home buyers. It's no surprise that this trend is not dying down, but read below for some surprising statistics found in the NAR's report:

- 35% of all home buyers are purchased their first home

-28% of recent home buyers are buyers between the ages of 37 to 51, and this age group has the highest income.

- Buyers who are in the age range of 52 to 61 purchased multi-generation homes

-37 to 51 aged buyers purchased the largest homes in median square footage and bedrooms.

-The smallest share of home buyers are people between the ages of 71 to 91 at just 8%.

-14% of homes that were purchased were purchased new, and 86% of homes were pre-owned.

Read more findings from the NAR here.

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