How Millennials Are Changing the Housing Market

FACTS ON MILLENNIALS AND HOMEBUYING

• U.S. millennials total 66 million individuals and 24 million independent households
• The median age for first-time homebuyers has remained virtually unchanged for the past 40 years: In 2015 it was 31 years old, compared with 30.6 in 1970-74
• Two-thirds of millennials haven’t reached that homebuying age of 31, and 22% are under 25 years old
• Millennials are renting for a median of six years before buying, compared with a median of five years for renters in 1980
• Millennials are expected to form 20 million new households by 2025
• The median income for a millennial older than 25 is $38,220
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MILLENNIALS WANT TO BUY HOMES

A 2014 survey by housing finance giant Fannie Mae found that the majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home. Many young renters in the survey appear to be on the brink of homebuying, and 49% said their next move would likely be to own a home.

FACTS ON MILLENNIALS AND HOMEBUYING

• U.S. millennials total 66 million individuals and 24 million independent households
• The median age for first-time homebuyers has remained virtually unchanged for the past 40 years: In 2015 it was 31 years old, compared with 30.6 in 1970-74
• Two-thirds of millennials haven’t reached that homebuying age of 31, and 22% are under 25 years old
• Millennials are renting for a median of six years before buying, compared with a median of five years for renters in 1980
• Millennials are expected to form 20 million new households by 2025
• The median income for a millennial older than 25 is $38,220

MILLENNIALS WANT TO BUY HOMES

A 2014 survey by housing finance giant Fannie Mae found that the majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home. Many young renters in the survey appear to be on the brink of homebuying, and 49% said their next move would likely be to own a home.