Although they have encountered an enormously high amount of obstacles to get here, millennials are accounting for just about half of all new home sales and are currently driving the housing market, as expected. The 2022 Home Buyer and Seller Generational Trends Report from the National Association of Realtors(NAR) says the millennial bloc, now aged twenty-three to forty-one years old, accounts for more transactions than any other age group at 43%. These millennials claimed that saving for the down payment was the hardest part when finding a house. One-third of purchasing millennials purchasing received some sort of down payment assistance through the form of a gift from a family or close friend. First time home buying among younger generations is also on the rise, with four out of five millennials aged thirty-one and younger buying for the first time. Many young adults moved in with friends and family during the pandemic to save cash and are jumping head first into homeownership.
Debt is becoming a major problem for Gen X, those aged forty-two to fifty-six. Gen Z, now age twenty-two, is jumping into homeownership at a very early age with 2% of them making up buyers as well as sellers. Young millennials and Gen Z are using mostly tech to find their homes. 65% of them used the internet to find the home they purchased and 92% of them used an agent for their purchase. The top reasons they used agents were to help find the right home to purchase, negotiate the terms of the sale and negotiate the price.