Millennials held the highest share of home buying activity out of all other generations for the fifth consecutive year, according to the 2018 Home Buyer and Seller Generational Trends study from the National Association of Realtors.
Just over one third of all home purchases were made by Millennials, who held a market share of 36% over the past year, up from 34% in 2017. Gen Xers ranked second at 26%, a drop from 28% in 2017, followed by the Baby Boomers with 32%, up from 30% in 2017 and the Silent Generation with 6%, down from 8% in 2017.
NAR explained that Gen X buyers ranked second because Baby Boomers in the survey are segmented into two groups: younger Boomers, ages 52 to 61, and older Boomers, ages 62 to 70, and encompass a longer age period.
But while Millennials held a majority of the share in the home buying market, low levels of housing inventory and higher home prices held back many potential buyers.
Over the past year, the typical Millennial homebuyer had a higher household income at $88,200, compared to $82,000 last year, and purchased the same sized home at 1,800…