According to the National Association of Realtors (NAR), Americans 36 and younger represented the largest share of home buyers (34%) in 2016. It was the fourth straight year in which millennials paced the home buying landscape.
The 2017 NAR data, regarding 2016 numbers, also showed an increased share of buyers 36 and younger who purchased in suburban locations and who purchased detached single-family homes. In addition, 49% of those buyers have children under the age of 18, 66% are married, and 13% are unmarried couples (the largest share of all generations).
Moreover, 66% were first-time buyers. Certain markets are prohibitively expensive for first-time buyers, so where are these young Americans buying homes? Using Metro-study data, BUILDER identified the nation’s top markets with the largest share of the coveted millennial buyer. For data purposes, we looked at 18- to 34-year-old buyers, even though it stretches beyond the official millennial generation; the Pew Research Center identifies anyone born from 1981 to 1996 (ages 22 to 37 in 2018) a millennial.
Out of the country’s largest 50 new-home housing markets, the top areas for this age group are dominated by Texas markets, but the top two markets for millennials are in Utah: Provo-Orem (57.3%) and Salt Lake City (50%). Five of the next six markets are found in Texas.