While they began to become homeowners at a more advanced age than many of their predecessors and encountered an abnormally high number of obstacles getting there, Millennials are now driving the housing market. The 2022 Home Buyer and Seller Generational Trends report from the National Association of Realtors® (NAR) says the Millennial bloc, now aged 23 to 41, is accounting for more transactions than any other age group, 43 percent of home sales, up from 37 percent a year earlier.
NAR also found that first-time home buying among younger generations is on the rise, with over 4 out of 5 younger Millennials, those 31 and younger, purchasing for the first time. Just under half of older Millennials were first-timers.
Baby Boomers made up the largest share of home sellers at 42 percent although the percentage of Millennial sellers is on the rise, increasing 4 percentage points to 26 percent over the past year. It is now more likely for an older millennial (aged 32 to 41) to be a first-time seller than a first-time buyer.
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