Millennials outpacing Gen X, Boomers in home buying, financing
December 5, 2019
Millennials continue to outpace other segments of the population when it comes to home buying, according to a recent report from Realtor.com. This cohort accounted for 46% of mortgage originations during third quarter 2019, up 3% from a year ago.
During the same timeframe, Gen X accounted for 35% of mortgage originations (down from the year-ago figure of 37%), while Baby Boomers accounted for 17% (down from 18%).
Millennials also move more frequently, based on a study from Porch. This group, generally defined as being born between 1981-1996, was found to move once every two years. Gen Xers moved about every four years, and boomers moved at around six-year intervals.
The Realtor report found Millennials tended to buy more expensive homes, and they're increasing the size of their loans. The year-over-year median price of a primary home they purchased rose 6%, slightly more than Gen X (up 5%). Boomers only increased their purchase price by 2%.