Millennials are more active in the real estate market than they often get credit for, and they’re just getting started. A recent study by Long & Foster and YouGov found 55 percent of them have already bought at least one home, and among those who haven’t become homeowners, most plan to.
The Millennial generation is defined as those born from 1981 to 1997, according to Pew Research Center, putting them at ages 21-37 this year. The median age of first-time buyers is 32, according to the National Association of Realtors. The largest generation in the country, Millennials also represent the biggest portion of homebuyers, the National Association of Realtors has found.
Consider that with 83.1 million members, the generation represents a quarter of the U.S. population, and that many are just entering their prime home-buying years, and it’s understandable that those in real estate want to know more about Millennials.
The Long & Foster report showed the generation’s members who haven’t yet become property owners will likely be entering the market for a long time to come. When asked, “Do you want to buy a home in the future?” they responded:
- 15 percent want to buy as soon as possible
- 31 percent want to buy in the next few years
- 40 percent want to buy someday, but not in the next few years
- 13 percent don’t want to buy a home
In announcing the study when it was published in April, Larry “Boomer” Foster, president of Long & Foster Real Estate, noted the implications for the industry: “There’s a huge opportunity for real estate agents to serve the growing number of Millennials who want to become homeowners,” he said, adding, “Attitudes and needs might change with a new generation of buyers, but the role of the trained real estate professional in promoting the interests of the client will remain in demand for a long time to come.”
You can read more here about how homebuyers’ attitudes have changed since Long & Foster began selling homes in 1968.