About a third of all buyers, 32%, purchased their very first homes-even with high prices and mortgage rates. Younger millennials are more likely to be first-time homebuyers. They're more likely to use family help to assist them into homeownership.
What's important to note about millennials being the biggest generation of buyers is older millennials are more likely to be repeat buyers in the market. They have earned housing equity that allows them to make housing trades.
The fact that there are more millennial and first-time buyers might come as a surprise during a time when there is a dearth of properties for sale-and rising mortgage rates and home prices have made purchasing a home increasingly unaffordable.
Today's buyers are now spending 97% more on their monthly mortgage payments than they did four years ago. Mortgage rates averaged 6.79% for a 30-year fixed loan in the week ending March 28.
#young-millennials #homeownership-trends #real-estate-market #homebuying-statistics #generational-trends
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