As you may be aware there is very low inventory and a lot of demand in the housing market right now. Have you ever wondered who is buying the most homes, and what they are buying?
If you guessed millennials (those born between 1981-1996), you are right. They make up the largest percentage of homebuyers across the country right now – 38% – according to the National Association of Realtors. You may think they are buying starter homes, but they are not.
Millennials are purchasing luxury homes in record numbers. As the largest adult generation (over 72%), millennials are generally savvy buyers looking for homes with high tech and environmentally friendly features. Since many work from home they gravitate toward luxury real estate to satisfy their need for plenty of living/work space, with room for toys and play.
As the real estate market continues to shift and flow one thing is for certain: the definition of first time home buyers has also changed.