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Millennial homebuyers make waves, stick near friends and family

Though Millennials may be known as tech-savvy disruptors to many, data shows they’re more traditional than most think. According to NAR’s 2018 Home Buyer and Seller Generational Trends Report, 43 percent of recent Millennials homebuyers said “convenience to friends and family” was a major factor in their decision. Only 27 percent of Gen Xers said proximity to loved ones was important, while a mere 24 percent of buyers 72 to 92 made it a priority. Verify your new rate (Mar 20th, 2018) More Millennials, more savings The NAR report also revealed that Millennials now make more than a third of the nation’s homebuyers at 36 percent. According to Yun, high competition is forcing these younger buyers to save more than in years’ past. “Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth and the need to save more in order to buy.” Hope for Millennials? The 15 best states for today's young buyers Get today’s mortgage rates Mortgage rates are at historical lows. Want to get in on the market and join the Millennial homeowner ranks? Shop around and see what rates you qualify for today. Show Me Today's Rates (Mar 20th, 2018) The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker.