For the Second Consecutive Year, NAR’s study found that the largest group of recent buyers were the millennial generation, those 34 years and younger, who composed about 32% of all buyers (31% in year 2013). With millennials enter the peak buying period and expected to soon surpass boomers in total population, the overall share of millennial purchases would be far greater if not for the numerous obstacles that have slowed their journey to homeownership.
The median age of millennial homebuyers was 29; their median income was $76,900 (vs. $73,600 in 2013) which is a good indicator of not only the economic recovery, but the continued improvement in the Real Estate market. When asked about the primary reason for purchasing a home, a desire to own a home of their own was highest among millennials at 39%. The median down payment for millennials was around 7%, and often this group of homebuyers relied on their personal savings for a down payment.
National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic Counties.