Don’t think you can afford to buy a home?
The National Association of Realtors says, not only can you, but folks are doing it earlier and earlier these days. A new study from NAR shows the largest share of home buyers isn’t Baby Boomers. It’s Generation Y… folks 34 years and younger.
So if you’re too scared, think you’re too young or not ready to buy a home. Think again!
Here are some more highlights from the study:
- Gen Y comprises the largest share of home buyers at 32%, which is larger than all Baby Boomers combined.
- Gen Y also has the largest share of first-time buyers at 68%.
- At least 80% of buyers who are aged 59 and younger bought a detached single-family home, while it is increasingly common for buyers over the age of 59 to purchase townhouses and condos.
- Among all generations of home buyers, the first step in the home buying process is looking online for properties for sale.
- Younger generations of buyers typically find the home they purchase through the internet, while older generations of buyers first found the home they purchased through their real estate agent.