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Despite the economic and financial challenges young adults are facing, the millennial generation represented the largest share of recent buyers, according to the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent home buyers and sellers. The NAR’s study found that:
- The largest group of recent buyers was the millennial generation, those 34 and younger, who composed 32% of all buyers (31 percent in 2013).
- Generation X, ages 35-49, was closely behind with a 27% share.
- Millennial buyers represented more than double the amount of younger boomer (ages 50-59) and older boomer (60-68) buyers (at 31 percent).
- Over 80 percent of millennial and Gen X buyers consider their home purchase a good financial investment.
- Fixed monthly payments and the long-term financial stability homeownership provides is attractive to young adults despite the economic fluctuations.
- The desire to own a home of their own was the top reason given by millennials for their purchase.
The survey demonstrates the untapped demand for homeownership that exists among young adults. With millennials entering the peak buying period and expected to soon surpass boomers in total population, the share of millennial purchases is expected to grow despite the challenge of saving for down payment.
This survey also highlights the search characteristics of different home buying generations. Millennials were the most likely to use real estate agents and online/mobile search; whereas Gen X buyers were the most likely to use an open house.
When you're ready to reach Millennials, look to the LA Times.
- Digital newspaper content reaches 84% of Millennials in the L.A. DMA
- LA Times reaches half of all Millennials in the L.A. DMA
- LA Times reaches more Millennials than all the top 10 radio stations in the L.A. DMA
- 2 out of 3 LA Times readers are Millennial and Gen-X
Our media consultants can help you design custom campaigns that will speak loudly to this next generation home buyers by incorporate their popular media platforms such as online and mobile ads, social media, email/text message campaigns, and many more. To learn more about how we can help, contact us today.
Categories: Real Estate
Source: Scarborough Research, Los Angeles, 2015 R2.